Sell a Business Tips
Selling a Shoe Shine Equipment and Supplies Business
No one said selling your business in a depressed economy would be easy. Fortunately, a shoe shine equipment and supplies business sale isn't as scary as it seems.
In a down economy, many shoe shine equipment and supplies business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of shoe shine equipment and supplies businesses that are actually for sale.
Many shoe shine equipment and supplies business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Finding Shoe Shine Equipment & Supplies Business Buyers
Qualified shoe shine equipment and supplies business buyers come from a range of sources and backgrounds. To cover all your bases, you'll need to conduct a broad buyer search process. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. networking may also prove to be a valuable resource for identifying prospective buyers, but only to the extent that it can be done discreetly.
Average Preparation Time
Preparing a shoe shine equipment and supplies business sale takes time. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your shoe shine equipment and supplies business sale, it's going to take at least six months to prepare your business. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
When the Sale Goes Off-Course
Many shoe shine equipment and supplies business 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. Generally, listed businesses should generate interest within a few months. Lack of buyer enthusiasm or persistence indicates that something is wrong. Hire a broker and conduct a professional appraisal ASAP.
Share this article
Additional Resources for Entrepreneurs