Sell a Business for the Best Price
Selling a Picture Framing Supplies Business
Don't believe anyone who tells you it's easy to sell a picture framing supplies business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
It takes dedication to sell a picture framing supplies business under the best of circumstances. In the current market, you'll need to redouble your efforts and get serious about convincing prospects that your company is a good investment.
If your exit strategy involves selling a picture framing supplies business now, business sellers may need to apply a combination of incentives and techniques.
Buyer Identification
It's difficult to predict where the buyer of your picture framing supplies business will come from. To cover all your bases, you'll need to conduct a broad buyer search process. That means listing your picture framing supplies business in trade-specific directories as well as general business-for-sale databases. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your picture framing supplies business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Selling Time
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their picture framing supplies business. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your picture framing supplies business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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