Advice on Niche Market Exit Planning
Selling a Textile Converters Business
We hear from a lot of business owners who are timid about listing their textile converters business. Despite the mood of the market, we think there are still opportunities to receive a good price for your textile converters business. Here's what you need to know . . .
The textile converters business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
If your exit strategy involves selling a textile converters business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your textile converters business now, but that doesn't make the emotions you will experience any easier. 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.
After the Sale
As your textile converters businesssale nears completion, there is a lot of work remaining to be done. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Dealing with Tire Kickers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your textile converters business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your textile converters business until the prospect has been qualified as a serious buyer.
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