Tips to Improve Exit Planning
Selling a Jewelry Wholesale and Manufacturers Business
You've learned a lot during your tenure as a jewelry wholesale and manufacturers business owner. Now the trick is to convince cautious buyers that your operation is worth the asking price.
Intimidated by a sluggish economy, business buyers are more cautious than ever.
Success is a factor of preparation, execution and a keen eye for the market. But for business sellers, the process begins with having the right mental attitude.
Laying the Groundwork
Effective jewelry wholesale and manufacturers business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a jewelry wholesale and manufacturers business to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your jewelry wholesale and manufacturers business on the market.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a jewelry wholesale and manufacturers business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your jewelry wholesale and manufacturers business, you can avoid painful tax and legal complications both before and after closing.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based jewelry wholesale and manufacturers business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
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