Sell a Business Tips
Selling a Specialty and Gourmet Foods Retail Business
The decision to sell your specialty and gourmet foods retail business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
If you plan on selling your specialty and gourmet foods retail business quickly, prepare to be disappointed.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a specialty and gourmet foods retail business.
Negotiation Teams
It's not unusual for specialty and gourmet foods retail business sellers to feel overwhelmed when they negotiate the sale of their business. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Legal Concerns
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . 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.
Preparing Your Specialty and Gourmet Foods Retail Business for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Profitable specialty and gourmet foods retail business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your specialty and gourmet foods retail business, the amount of preparation you perform will have direct correlation on asking and sale prices. Additionally, you'll need time to compile financials and other information that buyers will expect to receive.
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