Tips to Improve Exit Planning
Selling a Jewelers' Equipment and Supplies Business
It's a misconception that no one is buying jewelers' equipment and supplies businesses these days. Savvy entrepreneurs see jewelers' equipment and supplies business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
Business buyers face their own set of frustrations and complications. Although there are plenty of entrepreneurs who want to buy a jewelers' equipment and supplies business, capital restrictions are holding them back.
The economy hasn't squashed the market for jewelers' equipment and supplies businesses. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Leveraging External Resources
Rarely, if ever, do owners sell a jewelers' equipment and supplies business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the jewelers' equipment and supplies business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Timing the Market
Now may be the best time to sell a jewelers' equipment and supplies business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on jewelers' equipment and supplies businesses. As the interest rates rise, it will be more difficult for buyers to make the numbers work in their favor. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.
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