Niche Exit Planning Tactics
Selling a Woodworking Business
You've heard the naysayers - now isn't the time to sell a woodworking business. But what they don't know is that many entrepreneurs see woodworking businesses as a smart business investment.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a woodworking business sale works.
Eventually, it will the time will come to exit your business. And when that day arrives, you need to know how to sell your woodworking business in a way that achieves positive outcomes for you and the business.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. But if word leaks out to the wrong people, your competitors can use that information to steal business and damage your credibility. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Broker vs. No Broker
Anyone who has ever sold a woodworking business has eventually needed to decide whether to use a business broker or go it alone. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your woodworking business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Preparing Family Members
Many sellers embarked on their woodworking business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. To keep the family intact, the sale of a woodworking business should allow opportunities for all family members to share their feelings and offer input about the sale process.
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