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.
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.
Given your interest in exit planning and in lacquer businesses, you might find these additional resources to be of interest.
If starting a lacquer business is on your agenda, these helpul resources may be just what you've been looking for:
If you consider lacquer businesses to be sales prospects, there's more applicable information for you elsewhere on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical directory of exit planning guides below.