Optimizing Business Exits
Selling a Restaurant Interior Design Firm
The decision to sell your restaurant interior design firm isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Dire economic forecasts have forced many restaurant interior design firm sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Despite the conventional wisdom, we believe current economic conditions are right for selling a restaurant interior design firm. We'll tell you what you need to know to achieve a successful sale outcome
Preparing for What's Next
So you've decided to sell your restaurant interior design firm. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Signs You're in Over Your Head
Many restaurant interior design firm are tempted to save brokerage fees by selling their businesses on their own. Without brokerage, the risk of your sale going off-course is increased. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Share this article
Additional Resources for Entrepreneurs