November 17, 2019  
 
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How to Sell to a Business

 

Selling a Lacquer Business

The decision to sell your lacquer business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.

We hear it all the time: "I'm waiting until the economy recovers to list my business."
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For sellers who are willing to perform adequate sale preparation, the numbers make lacquer businesses a solid investment for qualified buyers in the business-for-sale marketplace.

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. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. 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 lacquer business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.

Pre-Sale Checklist

There is a lot of work that needs to be done before you're ready to sell your lacquer business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.

Broker vs. No Broker

When selling a lacquer business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a lacquer business. You can also expect to receive a higher sales price for your business in a broker-assisted deal.

More Exit Planning Articles

Given your interest in exit planning and in lacquer businesses, you might find these additional resources to be of interest.

Terms of Investment Banking Agreement

Marketing a Lacquer Business

Selling to Competitors


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