Exit Planning Strategies
Selling a Violin Shop
No one said selling your business in a depressed economy would be easy. Fortunately, a violin shop sale isn't as scary as it seems.
Most entrepreneurs have the skills and stamina to endure and prosper during the sale ofa violin shop.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a violin shop. We'll tell you what you need to know to achieve a successful sale outcome
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your violin shop's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your violin shop.
Before You Sell
The upfront time you investment in the sale of your violin shop will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Tips for Working with A Business Broker
Business brokers are professional business sellers. Brokerage is particularly common in the violin shop-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your violin shop on BizBuySell.com and other online business-for-sale sites.
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