Advice on Niche Market Exit Planning
Selling a Travel Accessories Business
With the economy struggling to rebound, the shadow inventory of travel accessories businesses in the business-for-sale marketplace seems to be rising. That could make this the perfect time to list a successful travel accessories business
Selling a travel accessories business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a travel accessories business.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Sellers typically overvalue their companies compared to the rest of the marketplace. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Legal Concerns
In a travel accessories business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your travel accessories business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Share this article
Additional Resources for Entrepreneurs