Advice on Niche Market Exit Planning
Selling a Tailor Shop
You've invested time, effort, and creativity into building your tailor shop. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a tailor shop.
As long as humans wear clothes, there will be a need for tailor shops!
It may require a little finesse, but if you're prepared to take the next step in your entrepreneurial career then it's time to brave the tailor shop market and locate potential buyers ASAP.
Selling Time
It's rarely possible to sell a tailor shop in a month or two. 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 tailor shop, 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.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a tailor shop negotiation. However, the first step in good negotiating is to develop a sense of what you need to get out of the deal. A thorough understanding of sale price, possible concessions and other bottom line requirements gives you the ability to negotiate with confidence. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Adjusting Expectations
Every business seller dreams of a fast sale and a fat payday. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your tailor shop. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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