The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a luggage repair business, capital restrictions are holding them back.
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The economy hasn't squashed the market for luggage repair businesses. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
How to Skillfully Address Buyer Concerns
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood luggage repair business sellers with questions and requests, often to the point of becoming a nuisance. The questions luggage repair business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Timing the Market
Now may be the best time to sell a luggage repair business. With interest rates at all-time lows, it's easy to see why luggage repair businesses are an appealing investment opportunity for savvy investors. When the economy recovers there will be more luggage repair business buyers on the market, but higher interest rates could present challenges. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.
Should I Hire a Business Broker?
When selling a luggage repair business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your luggage repair business sits on the market. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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