Sell a Business Tips
Selling a Sportswear Retail Business
Nervous about selling your sportswear retail business? You shouldn't be. Our tips will help you get the highest price for your sportswear retail business, regardless of what's happening with the economy.
Dire economic forecasts have forced many sportswear retail business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Too often sportswear retail business owners cave under the pressure and settle for a lower sales price than they should. With the right strategy, your sale doesn't have to end that way.
Average Preparation Time
Preparing a sportswear retail business sale takes time. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your sportswear retail business sale, it's going to take at least six months to prepare your business. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
When the Sale Goes Off-Course
Many sportswear retail business are tempted to save brokerage fees by selling their businesses on their own. Without brokerage, the risk of your sale going off-course is increased. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. If that occurs, it's time to bring in the professionals to get your sale back on track.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions sportswear retail 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. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
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