December 6, 2019  
 
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Selling a Log Furniture Business

With the economy limping along, many log furniture business owners are hesitant to put their businesses on the market. But in reality, now may be the perfect time to sell a log furniture business.

The log furniture business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
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The business-for-sale market is extremely dynamic. So if you're waiting for the perfect market conditions to sell your log furniture business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. The key is to go into the sale with your eyes open and with complete awareness of market condition.

Negotiation 101

It's critical to negotiate from a position of strength. Information is the key to a great log furniture business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your log furniture business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.

Average Preparation Time

Preparing a log 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. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey log furniture business operation. At a minimum, plan on spending six months preparing your log furniture business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.

How to Increase Sale Price

There are no simple ways to sell a log furniture business. If you don't know what you're doing, your business could languish on the market for months or even years. Many sellers find that hiring a business broker makes the demands of a sale much more tolerable. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their log furniture businesses.

More Exit Planning Articles

Given your interest in exit planning and in log furniture businesses, you might find these additional resources to be of interest.

Marketing a Log Furniture Business

How To Choose An Investment Banker

Role of Location In Selling a Business

How Much Is My Business Worth?


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