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Selling a Leather Bound Books Business
Your leather bound books business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
It's a fact: Successful business sales take time.
Too often leather bound books business owners sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.
Average Timeframes
Hoping for a quick leather bound books business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your leather bound books business, you'll need to invest as much as a year in preparing it for prospective buyers. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
Legal Considerations
There is no way around the requirement to hire professional legal assistance when you sell your leather bound books business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your leather bound books business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your leather bound books business until the prospect has been qualified as a serious buyer.
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