November 11, 2019  
 
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Selling a Business

 

Selling a Lamp Shop

Is the economy still a little shaky for a business sale? Sure it is. Yet lamp shops continue to sell at a brisk pace, regardless of the economy.

It's a fact: Successful business sales take time.
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In order to market a lamp shop now, business sellers may need to apply a combination of incentives and techniques.

Benefits of Third-Party Assistance

Rarely, if ever, do owners sell a lamp shop without outside assistance. The enlistment of a qualified business broker is an excellent first step. 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.

Selling a Lamp Shop to an Employee

There are both benefits and drawbacks to selling a lamp shop to an employee. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your lamp shop, a sale to an employee is probably not a possibility.

Average Timeframes

It's rarely possible to sell a lamp shop in a month or two. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.

More Exit Planning Articles

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

Marketing a Lamp Shop

Why Most Businesses Do Not Have Exit Plans

Why Hire an Exit Planning Consultant

Five Tips for Maximizing Your Business Sale Price


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