Sell a Business Tips
Selling a Sporting Goods Wholesale and Manufacturers Business
A lot can go wrong during the sale of a sporting goods wholesale and manufacturers business these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
An assortment of hurdles and obstacles stand between you and the successful sale of your sporting goods wholesale and manufacturers business.
You'll always have an excuse for not putting your business on the market. Selling a sporting goods wholesale and manufacturers business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Signs You're in Over Your Head
Many sporting goods wholesale and manufacturers business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Before You Sell
The pre-sale checklist for a sporting goods wholesale and manufacturers business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the sporting goods wholesale and manufacturers business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Share this article
Additional Resources for Entrepreneurs