Sell a Business Tips
Selling a Spices Wholesale and Manufacturers Business
When it's time to sell your spices wholesale and manufacturers business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
Many business owners don't know that spices wholesale and manufacturers businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Selling Time
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their spices wholesale and manufacturers business. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your spices wholesale and manufacturers business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Turning the Tables: Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Post-Sale Details
The way you exit your spices wholesale and manufacturers business is just as important as the way you sell it. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
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