Business Exits By Industry
Selling a Clothing Store
You've learned a lot during your tenure as a clothing store owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Dire economic forecasts have forced many clothing store sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
They require careful planning and an intentional strategy that emphasizes your clothing store's strengths and meets the needs of the marketplace. But for business sellers, the process begins with having the right mental attitude.
Preparing Family Members
Many sellers embarked on their clothing store sale without adequately considering the impact it will have on their families. Whether you realize it or not, your clothing store has been an important part of your family life. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a clothing store has to include ample communication and shared decision-making.
Broker vs. No Broker
When selling a clothing store, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your clothing store sits on the market. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered clothing store sale.
Why Confidentiality Matters
Highly publicized clothing store sales are risky clothing storesales. 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. We recommend consulting a business broker to learn how you can simultaneously identify prospective buyers and maintain a confidential sale environment.
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