Tips to Improve Exit Planning
Selling a Jewelry Mountings Business
Is the economy still a little shaky for a business sale? Sure it is. Yet jewelry mountings businesses haven't heard the news and are reporting steady action on the business-for-sale market.
A business exit is always a trying experience. But when you need to sell your jewelry mountings business in a depressed economy, the challenges can seem insurmountable.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to jewelry mountings businesses that exhibit strong financials and potential for future growth.
Sale Costs
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your jewelry mountings business. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Professional consultations can also represent a significant expense during the course of a jewelry mountings business sale. If you need to compensate employees to assist with the sale, their services should also be considered.
Preparing Family Members
Many sellers embarked on their jewelry mountings business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the jewelry mountings business. The sale of the business will likely result in new family dynamics. Subsequently, selling a jewelry mountings business should allow opportunities for all family members to share their feelings and offer input about the sale process.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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