Exit Planning Advice
Selling a Kitchen Gifts and Accessories Business
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a kitchen gifts and accessories business sale isn't as scary as it seems.
Dire economic forecasts have forced many kitchen gifts and accessories business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
There is no simple way to sell a business. But the most prepared kitchen gifts and accessories business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Hiring an Attorney
It pays to invest in first-rate legal counsel when you sell a kitchen gifts and accessories business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
What to Expect in a Kitchen Gifts & Accessories Business Sale
The sale of a kitchen gifts and accessories business 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 gifts and accessories business sale by setting realistic expectations before you list your business.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based kitchen gifts and accessories business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Share this article
Additional Resources for Entrepreneurs