Sell a Business Tips
Selling a Saddlery and Harness Repair Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet saddlery and harness repair businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
The buzz in the marketplace is that now isn't the right time to sell a saddlery and harness repair business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
Too often saddlery and harness repair business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
When Is the Right Time to Sell?
When is it the right time to sell your saddlery and harness repair business? If you're asking the question, now may be the time to put your business on the market. There are a lot of naysayers out there advising saddlery and harness repair business sellers (or would-be sellers) to take a wait and see approach. We aren't nearly as pessimistic about the saddlery and harness repair business marketplace. The inventory of what we consider to be quality saddlery and harness repair businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Seller financing is one way to get around the capital deficit of an employee-based saddlery and harness repair business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
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 saddlery and harness repair business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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