Advice on Niche Market Exit Planning
Selling a Trophy Cabinets Business
With the economy limping along, many trophy cabinets business owners are hesitant to put their businesses on the market. At Gaebler, we think it's a great time to sell a trophy cabinets business. Here's why . . ..
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to trophy cabinets businesses that exhibit strong financials and potential for future growth.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your trophy cabinets business goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In many instances, your accountant will be invaluable in evaluating prospective buyers' financial position and buying capacity.
Average Timeframes
Hoping for a quick trophy cabinets business sale? You may be disappointed. 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 trophy cabinets business, 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.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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