Mastering Niche Market Exit Planning
Selling a Native American Goods Business
Your Native American goods business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. Now it's time to put that same kind of focus into selling it.
Selling a Native American goods business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Despite the conventional wisdom, we believe current economic conditions are right for selling a Native American goods business. We'll tell you what you need to know to achieve a successful sale outcome
Realistic Expectations
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Tapping Into Business Networks
Today's Native American goods business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. More focused prospects are typically found within industry networks. Time and time again, successful Native American goods business sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Equipment and Inventory Concerns
During due diligence, the buyer will undoubtedly conduct his own appraisal of your Native American goods business's inventory, equipment, and physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your Native American goods business.
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