Exit Planning Advice By Market
Selling an Art Studio
Many business leaders say that now isn't the time to try to sell an art studio. But in reality, now may be the perfect time to sell an art studio.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Too often art studio owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your art studio until the prospect has been qualified as a serious buyer.
Working with a Professional Accountant
Professional accountants lend credibility to the financial preparation of an art studio sale. Before your art studio goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
When Is the Right Time to Sell?
Most business owners know when it's time to exit their company. Opinions are mixed and some consultants are advising art studio sellers to put their plans on hold until the economy fully rebounds. At Gaebler, we have a much more optimistic view of your chances in the art studio-for-sale market. The inventory of what we consider to be quality art studios is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
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