Advice on Niche Market Exit Planning
Selling a Tufting Business
There are no guarantees when you sell a tufting business. But our tips will equip you with the information you need to increase the likelihood of a successful sales outcome.
Selling a tufting business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Preparing Family Members
You're ready to sell your tufting business, but is your family prepared for the transition? Whether you realize it or not, your tufting business has been an important part of your family life. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a tufting business has to include ample communication and shared decision-making.
Signs You're in Over Your Head
The tufting business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. But for every successful unassisted sale, several other tufting businesses sell below market value or languish on the market for years without attracting the interest of qualified buyers. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Turning the Tables: Buyer Concessions
Most tufting business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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