Dire economic forecasts have forced many specialty store 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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However, serious buyers also understand the value of a good specialty store. To sell your specialty store, you'll need to go the extra mile to prove your company has the potential to deliver steady revenue and a solid ROI.
Dealing with Your Emotions
Coping with the emotions of a business sale can be difficult, even under the best of circumstances. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Most specialty store sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
In a specialty store sale, pricing is based on a number of factors, including the costs incurred during the sale. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of a specialty store sale. If you need to compensate employees to assist with the sale, their services should also be considered.
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