Optimizing Business Exits
Selling a Resale, Second Hand, and Used Merchandise Stores Business
Don't believe anyone who tells you it's easy to sell a resale, second hand, and used merchandise stores 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.
In a down economy, many resale, second hand, and used merchandise stores business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of resale, second hand, and used merchandise stores businesses that are actually for sale.
Without customers, a resale or consignment startup is little more than a modern museum.
There is no simple way to sell a business. But the most prepared resale, second hand, and used merchandise stores business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Dealing with Tire Kickers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your resale, second hand, and used merchandise stores business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Good business brokers are adept at separating serious buyers from the rest of the pack. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Maintaining Objectivity
For most owners, the hardest part of selling a resale, second hand, and used merchandise stores business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Legal Considerations
There is no way around the requirement to hire professional legal assistance when you sell your resale, second hand, and used merchandise stores business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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