Business Exit Planning
Selling a Metal Furniture Business
You've learned a lot during your tenure as a metal furniture business owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
You won't find any magic formulas for selling a metal furniture business, especially while the market is struggling to overcome the perceptions created by a down economy.
The good news is that ambitious entrepreneurs continue to see metal furniture businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a metal furniture business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
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 metal furniture business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Preparing Family Members
You're ready to sell your metal furniture business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a metal furniture business has to include ample communication and shared decision-making.
Share this article
Additional Resources for Entrepreneurs