Exit Planning Techniques By Market
Selling a Framed Art Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet framed art businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Today's framed art business buyers tend to be more skeptical than most about the nation's economic outlook.
Many business owners don't know that framed art businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Professional Appraisals
An experienced appraiser is part and parcel of a successful framed art business sale. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a framed art business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Advertising Your Sale
The best framed art business sales incorporate comprehensive advertising plans. However, confidentiality and other concerns can present challenges, even for sales professionals. A highly publicized sale creates vulnerabilities that can be exploited by your competitors. The best way to advertise a framed art business is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
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