Are most buyers timid about buying a lawn mowers retail business in today's economic environment? You bet.
(article continues below)
There are still plenty of lawn mowers retail business buyers looking for opportunities that present well in the marketplace.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Hiring an Attorney
It pays to invest in first-rate legal counsel when you sell a lawn mowers retail business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. 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. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Given your interest in exit planning and in lawn mowers retail businesses, you might find these additional resources to be of interest.
If you plan on opening a lawn mowers retail business, these guides will help you get started:
If you consider lawn mowers retail businesses to be sales prospects, this isn't the best resource for you on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our list of exit planning guides below.