Exit Planning Advice
Selling a Kitchen Consultants Business
Most businesses are susceptible to economic conditions and kitchen consultanting firms are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
It takes dedication to sell a kitchen consultanting firm under the best of circumstances. In the current market, you'll need to redouble your efforts and get serious about convincing prospects that your company is a good investment.
Qualified buyers are constantly looking for attractive kitchen consultanting firms. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Buyer Concessions
Most kitchen consultanting firm sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. 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.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a kitchen consultanting firm. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Emotional Considerations
The sale of a kitchen consultanting firm can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Although it isn't easy, you can mitigate the emotional impact of a kitchen consultanting firm sale by setting realistic expectations before you list your business.
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