Business Exit Planning
Selling a Music Store
With the economy limping along, many music store owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a music store. Here's why . . ..
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Combine your love of music with your passion for entrepreneurship. That's what opening a music store can do for you!
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a music store. Here's how to do it . . .
Post-Sale Details
As your music storesale nears completion, there is a lot of work remaining to be done. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Promoting a music store Sale
Successful music store sales begin with a carefully planned advertising and promotional strategies. But confidentiality issues are a hurdle you'll need to address before you put your music store on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. The best way to advertise a music store is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your music store's real assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. Without an accurate assessment of asset values it's impossible to intelligently negotiate on price. A pre-listing appraisal also gives you the opportunity to document the condition of your music store's assets and possible even make repairs or upgrades to increase the total value of the operation.
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