Sell a Business Tips
Selling a Spinning Wheels and Supplies Business
You've invested time, effort, and creativity into building your spinning wheels and supplies business. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
Selling a spinning wheels and supplies business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
There are still plenty of spinning wheels and supplies business buyers looking for opportunities that present well in the marketplace.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your spinning wheels and supplies business goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a spinning wheels and supplies business can translate into a dead deal. With entrepreneurs struggling to secure capital, you may be the buyer's only source of financing. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
Advertising Your Sale
The best spinning wheels and supplies business sales incorporate comprehensive advertising plans. However, confidentiality and other concerns can present challenges, even for sales professionals. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. The best way to advertise a spinning wheels and supplies business is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
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