Sell a Business Tips
Selling a Silversmiths and Goldsmiths Business
Think silversmiths and goldsmiths business sales have dwindled to a standstill? Think again. Although final sales prices vary, the best sales combine strategy and hard work to achieve desired outcomes.
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
Many business owners don't know that silversmiths and goldsmiths businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Valuation Methods
The methods for valuing a silversmiths and goldsmiths business vary according to your business model and circumstances. However, there are generally three valuation methods appraisers use to determine your company's worth. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. In many sales, the most accurate valuation comes from the market method which determines value based on the recent sales of similar businesses. As a safeguard, consider conducting appraisals using variations of multiple appraisal methods. But regardless of the method that is used, it's always in the seller's best interest to increase revenue and asset values prior to a sale.
The Best Person to Sell Your Silversmiths & Goldsmiths Business
There are benefits and drawbacks to handling the sale of your silversmiths and goldsmiths business on your own. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your silversmiths and goldsmiths business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the silversmiths and goldsmiths business to gain an objective sense of fair market value.
Before You Sell
There is a lot of work that needs to be done before you're ready to sell your silversmiths and goldsmiths business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
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