Sell a Business for the Best Price
Selling a Pretzels Business
You've heard the naysayers - now isn't the time to sell a pretzels business. But what they don't know is that many entrepreneurs see pretzels businesses as a smart business investment.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
There is no simple way to sell a business. But the most prepared pretzels business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the pretzels business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Sale Preparation Timeframes
There are no effective shortcuts for selling a pretzels 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. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a pretzels business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
When the Sale Goes Off-Course
Many pretzels business are tempted to save brokerage fees by selling their businesses on their own. 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 pretzels business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
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