Sell a Business for the Best Price
Selling a Party Invitations and Announcements Business
No one said selling your business in a depressed economy would be easy. But selling your party invitations and announcements business doesn't have to be as daunting as it sounds.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a party invitations and announcements business.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to party invitations and announcements businesses that exhibit strong financials and potential for future growth.
Signs You're in Over Your Head
The party invitations and announcements business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. 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. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your party invitations and announcements business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
Average Preparation Time
There are no effective shortcuts for selling a party invitations and announcements business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey party invitations and announcements business operation. Since all of this takes time and effort, a party invitations and announcements business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Closing Strategies
Today's party invitations and announcements business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young party invitations and announcements business owner, they can be critical launching points for their ownership journey.
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