Advice on Niche Market Exit Planning
Selling a Teddy Bears Business
A good business is about more than dollars and sense. To make your teddy bears business what it is today, you've had to fully invest yourself in its success. 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.
Intimidated by a sluggish economy, business buyers are more cautious than ever.
If your exit strategy involves selling a teddy bears business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Leveraging Industry Connections
There are a lot of different places to look for teddy bears business buyers. Online business-for-sale databases like BizBuySell.com offer convenient resources for sellers interested in promoting their business to a broad prospect base. For more targeted lead generation, consider tapping into your network of industry contacts. Time and time again, successful teddy bears business sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Pre-Sale Checklist
The pre-sale checklist for a teddy bears business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your teddy bears business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. Good negotiation teams support sellers, giving them insight and advice about how to overcome buyer objections and drive the process forward to a successful conclusion.
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