Optimizing Business Exits
Selling a Residential Cabinets and Cabinet Makers Business
Don't believe anyone who tells you it's easy to sell a residential cabinets and cabinet makers business. A lot of things need to happen before you can successfully exit your business. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a residential cabinets and cabinet makers business sale works.
If you're ready to move on, now is the right time to sell your residential cabinets and cabinet makers business.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a residential cabinets and cabinet makers business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your residential cabinets and cabinet makers business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Family Issues
Many sellers embarked on their residential cabinets and cabinet makers business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. To keep the family intact, the sale of a residential cabinets and cabinet makers business often begins with a family conversation and a mutual decision to move on the next stage of life.
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