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Selling a Leather Goods Store
Most businesses are susceptible to economic conditions and leather goods stores are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
These days, the small and medium-sized business market is more confusing than ever before. Although there are plenty of entrepreneurs who want to buy a leather goods store, capital restrictions are holding them back.
Too often leather goods store owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Sale Documents
In a leather goods store sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Timing Your leather goods store Sale
When is it the right time to sell your leather goods store? If you're asking the question, now may be the time to put your business on the market. Opinions are mixed and some consultants are advising leather goods store sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the leather goods store marketplace. The inventory of what we consider to be quality leather goods stores is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your leather goods store until the prospect has been qualified as a serious buyer.
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