Selling a linoleum retail business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
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Nothing lasts forever and you will ultimately be faced with the task of selling your company. And when that day arrives, you need to know how to sell your linoleum retail business in a way that achieves positive outcomes for you and the business.
Working with a Professional Accountant
Accountants lay the financial groundwork for a business sale. Most linoleum retail business have significant tax consequences requiring the input of a qualified accountant. A professional audit can ease buyer concerns and amp up the value of your financial presentation. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Leveraging Seller Concessions
It's becoming more difficult to sell a linoleum retail business without considering seller concessions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
Preparing Family Members
Many sellers embarked on their linoleum retail business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a linoleum retail business often begins with a family conversation and a mutual decision to move on the next stage of life.
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