Advice on Niche Market Exit Planning
Selling a Trailer Hitches Wholesale and Manufacturers Business
You've heard the naysayers - now isn't the time to sell a trailer hitches wholesale and manufacturers business. But what they don't know is that many entrepreneurs see trailer hitches wholesale and manufacturers businesses as a smart business investment.
You won't find any magic formulas for selling a trailer hitches wholesale and manufacturers business, especially while the market is struggling to overcome the perceptions created by a down economy.
They require careful planning and an intentional strategy that emphasizes your trailer hitches wholesale and manufacturers business's strengths and meets the needs of the marketplace. Since your future goals depend on the outcome of your sale, you'll need to have your head in the game from Day One.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Negotiation 101
It's critical to negotiate from a position of strength. Information is the key to a great trailer hitches wholesale and manufacturers business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your trailer hitches wholesale and manufacturers business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Leveraging External Resources
There are a range of professionals available to guide you through the sale of a trailer hitches wholesale and manufacturers business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
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