October 19, 2019  
 
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Selling a Company

 

Selling a Pawn Brokers and Shops Business

Think pawn brokers and shops business sales have dwindled to a standstill? Think again. Although final sales prices vary, the best sales combine strategy and hard work to achieve desired outcomes.

Dire economic forecasts have forced many pawn brokers and shops business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
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Undaunted by economic conditions, many pawn brokers and shops business sellers are achieving their sale goals through deliberate sale strategies.

Team-Based Negotiation Strategies

Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your pawn brokers and shops business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.

Tapping Into Business Networks

Today's pawn brokers and shops business buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. For more targeted lead generation, consider tapping into your network of industry contacts. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.

Average Timeframes

Hoping for a quick pawn brokers and shops business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your pawn brokers and shops business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.

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