Niche Exit Planning Tactics
Selling a Wine Consultants Business
Although a wine consultants business may not be completely recession-proof, the best companies can survive nearly any storm. Now all you have to do is convince the right buyer that your business is built for long-term success.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Eventually, it will the time will come to exit your business. As a consequence, you have a substantial stake in knowing how to receive maximum price for your wine consultants business.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your wine consultants business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Before You Sell
The upfront time you investment in the sale of your wine consultants business will pay big dividends at closing. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. 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.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your wine consultants business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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