Sell a Business Tips
Selling a Steel Wool Business
Is the economy still a little shaky for a business sale? Sure it is. Yet steel wool businesses haven't been deterred. In fact, we think this economy is a ripe environment for a steel wool business sale.
According to the experts, there is currently a large volume of shadow inventory in the steel wool business market -- businesses that are waiting to be listed until the economy recovers.
At Gaebler, we're seeing steel wool business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Advertising Your Sale
Successful steel wool business sales incorporate comprehensive advertising plans. But if you think advertising your steel wool business will be the same as running a product promotion, think again. Multiple factors complicate business-for-sale advertising, not the least of which is the fact that you don't want your competition to know that your company is on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing steel wool business sales while maintaining the confidentiality that is critical to your business.
Finding Steel Wool Business Buyers
It's difficult to predict where the buyer of your steel wool business will come from. So you'll need to take a diverse approach to identifying prospective buyers. That means listing your steel wool business in trade-specific directories as well as general business-for-sale databases. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Sale Documents
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 . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your steel wool business may be a waste of time.
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