Niche Exit Planning Strategies
Selling a Drafting Equipment and Supplies Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet drafting equipment and supplies businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
You need to get a good price for your drafting equipment and supplies business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your drafting equipment and supplies business can be sold at or above fair market value right now.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your drafting equipment and supplies business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. Not surprisingly, seller financing is routinely requested by today's buyers. With entrepreneurs struggling to secure capital, you may be the buyer's only source of financing. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Sale Costs
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your drafting equipment and supplies business. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of a drafting equipment and supplies business sale. If you need to compensate employees to assist with the sale, their services should also be considered.
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