Sell a Business Tips
Selling a Siding Refinishing and Repair Business
It's a misconception that no one is buying siding refinishing and repair businesses these days. Savvy entrepreneurs see siding refinishing and repair business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
You won't find any magic formulas for selling a siding refinishing and repair business, especially while the market is struggling to overcome the perceptions created by a down economy.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a siding refinishing and repair business.
Working with Appraisers
An experienced appraiser is part and parcel of a successful siding refinishing and repair business sale. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Dealing with Tire Kickers
Many prospective buyers will have a strong desire to acquire your siding refinishing and repair business. The bad news is that they will lack the financial capacity to close the deal. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Dealing with Your Emotions
There is no easy way to say goodbye to your business. You probably have good reasons for selling your siding refinishing and repair 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. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
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