November 15, 2019  
 
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Selling a Company

 

Selling a Leather Furniture Business

Don't believe anyone who tells you it's easy to sell a leather furniture business. A lot of things need to happen before you can successfully exit your business. We'll tell you how to thrive in the middle of it and get top dollar for your company.

The economy isn't the only thing that is uncertain these days. So are leather furniture business buyers, many of whom are waiting to pull the trigger on their next acquisition.
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Many business owners don't know that leather furniture businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.

Working with Appraisers

An experienced appraiser is part and parcel of a successful leather furniture business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.

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 leather furniture 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.

Average Preparation Time

Preparing a leather furniture business sale takes time. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a leather furniture business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

Marketing a Leather Furniture Business

Pros and Cons of Using Business Brokers

Selling Part of a Business

Renewing Leases Prior to Selling a Business


Conversation Board

What challenges have you experienced in selling a leather furniture business or are you just getting started? If you have questions or advice to share, we'd love to hear from you!


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