Sell a Business for the Best Price
Selling a Pet Grooming and Boarding Business
A good business is about more than dollars and sense. To make your pet grooming and boarding business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
If starting a pet grooming business is on your to-do list, this advice is for you.
If your exit strategy involves selling a pet grooming and boarding business now, business sellers may need to apply a combination of incentives and techniques.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based pet grooming and boarding business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Are You the Right Person to Sell Your Business?
As the owner, you are both the best and worst person to sell your pet grooming and boarding business. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. The problem is that your passion for your business can also sabotage your sale. You see your company's potential. But buyers don't pay for potential - they pay for current market value. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful pet grooming and boarding business sale.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your pet grooming and boarding business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
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