Business Exit Planning
Selling a Medicine Cabinets Business
You've heard the naysayers - now isn't the time to sell a medicine cabinets business. But what they don't know is that many entrepreneurs see medicine cabinets businesses as a smart business investment.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Capital is scarce and many buyers simply can't afford the entry requirements for a medicine cabinets business.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a medicine cabinets business. Here's how to do it . . .
When the Sale Goes Off-Course
The medicine cabinets business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Family Business Sale Tips
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your medicine cabinets business stays in the family, and everyone is happy. Yeah, right. 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. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Laying the Groundwork
Effective medicine cabinets business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a medicine cabinets business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium medicine cabinets business opportunity.
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