Mastering Niche Market Exit Planning
Selling a Notions Retail Business
Owning a notions retail business hasn't always been a bed of roses, but it's been worth the effort. Now the trick is to convince cautious buyers that your operation is worth the asking price.
You need to get a good price for your notions retail business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
The business-for-sale market is extremely dynamic. That's why we think it's important for notions retail business owners to know that it's possible to sell a business in any economy. The key is to go into the sale with your eyes open and with complete awareness of market condition.
Family Issues
Many sellers embarked on their notions retail business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your notions retail business has been an important part of your family life. The sale of the business will likely result in new family dynamics. The decision to sell a notions retail business has to include ample communication and shared decision-making.
Sale Documents
In a notions retail business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your notions retail business may be a waste of time.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
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