Optimizing Business Exits
Selling a Ribbons Business
We hear from a lot of business owners who are timid about listing their ribbons business. Despite the mood of the market, we think there are still opportunities to receive a good price for your ribbons business. Here's what you need to know . . .
Personal and professional concerns surround the sale of a ribbons business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your ribbons business a success.
Many business owners don't know that ribbons businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your ribbons business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. On the one hand, confidentiality is critical for a successful ribbons business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. 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 ribbons 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.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your ribbons business. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
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