Business Exits By Industry

Selling a Closets and Closet Accessories Business

When it's time to sell your closets and closet accessories business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .

Waiting for better economic times to sell your company? That's a common anthem in the small business community.

Too often closets and closet accessories business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.

Negotiation Teams

Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your closets and closet accessories business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.

Maintaining Objectivity

Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. It is difficult for many owners to accept the cold, hard facts about their company's worth, but objectivity is the name of the game in a successful closets and closet accessories business sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.

Selecting a Broker

Good business brokers inevitably produce better business sales. In the closets and closet accessories business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling closets and closet accessories businesses.

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