Sell a Business Tips
Selling a Sewing Machines Service and Repair Business
No one said selling your business in a depressed economy would be easy. Fortunately, a sewing machines service and repair business sale isn't as scary as it seems.
Dire economic forecasts have forced many sewing machines service and repair business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
The economy hasn't squashed the market for sewing machines service and repair businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Dealing with Buyers
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood sewing machines service and repair business sellers with questions and requests, often to the point of becoming a nuisance. The questions sewing machines service and repair business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
How to Identify Prospective Buyers
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
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