Niche Exit Planning Tactics
Selling a Wedding Alterations and Tailoring Business
Many business leaders say that now isn't the time to try to sell a wedding alterations and tailoring business. At Gaebler, we think it's a great time to sell a wedding alterations and tailoring business. Here's why . . ..
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to wedding alterations and tailoring businesses that exhibit strong financials and potential for future growth.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Second, a good business broker is a master at confidentiality locating wedding alterations and tailoring business sale prospects and guiding sellers through negotiations. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Preparing Your Wedding Alterations & Tailoring Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Attractive wedding alterations and tailoring business sales opportunities leverage a long-term strategy to increase the value of the business to buyers. Even though it may take years to adequately position your wedding alterations and tailoring business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Equipment and Inventory Concerns
During due diligence, the buyer will undoubtedly conduct his own appraisal of your wedding alterations and tailoring business's physical assets. Your appraisal should occur before you put your business on the market. 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 wedding alterations and tailoring business.
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