Advice on Niche Market Exit Planning
Selling a Trophies, Medals, and Awards Engravers Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your trophies, medals, and awards engravers business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
Too often trophies, medals, and awards engravers business sellers fail to receive fair market value for their businesses. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your trophies, medals, and awards engravers business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Hiring an Attorney
It pays to invest in first-rate legal counsel when you sell a trophies, medals, and awards engravers business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Sweetening the Deal
Today's trophies, medals, and awards engravers business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young trophies, medals, and awards engravers business owner, they can be critical launching points for their ownership journey.
Share this article
Additional Resources for Entrepreneurs