Business Exit Planning
Selling a Millinery and Supplies Retail Business
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But millinery and supplies retail businesses haven't heard the news and are reporting steady action on the business-for-sale market.
A business exit is always a trying experience. But when you need to sell your millinery and supplies retail business in a depressed economy, the challenges can seem insurmountable.
If you're ready to move on, now is the right time to sell your millinery and supplies retail business.
Average Timeframes
Hoping for a quick millinery and supplies retail business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your millinery and supplies retail business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based millinery and supplies retail business sale can be more complicated than selling to a stranger. 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.
Signs You're in Over Your Head
Many millinery and supplies retail business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
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