Sell a Business Tips
Selling a Silverware Cleaning, Repairing, and Replating Business
With the economy struggling to rebound, the shadow inventory of silverware cleaning, repairing, and replating businesses in the business-for-sale marketplace seems to be rising. That could make this the perfect time to list a successful silverware cleaning, repairing, and replating business
Selling a silverware cleaning, repairing, and replating business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
The economy hasn't squashed the market for silverware cleaning, repairing, and replating 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.
Legal Concerns
In a silverware cleaning, repairing, and replating business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling a silverware cleaning, repairing, and replating business to an employee. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. 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 silverware cleaning, repairing, and replating business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Family Issues
Many sellers embarked on their silverware cleaning, repairing, and replating business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a silverware cleaning, repairing, and replating business has to include ample communication and shared decision-making.
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