Selling a Company Advice
Selling a Used Stereo Equipment Business
Your used stereo equipment business has been good to you. The next step is to position your business for the demands of the business-for-sale marketplace.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. There are lots of buyers who want to own a used stereo equipment business, but have limited capital to get their foot in the door.
Many business owners don't know that used stereo equipment businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Identifying Serious Buyers
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 used stereo equipment 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. It's likely that non-serious buyers will want to know everything about your used stereo equipment business during their initial inquires. Avoid releasing details about your used stereo equipment business until you have established that they have the financial capacity to make a legitimate offer.
Legal Considerations
It pays to invest in first-rate legal counsel when you sell a used stereo equipment business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Emotional Considerations
Prepare yourself to feel a broad range of emotions when you sell a used stereo equipment business. From hopefulness to remorse, it's all part of exiting of your company. Many sellers experience discouragement during a long sale process. Although it isn't easy, you can mitigate the emotional impact of a used stereo equipment business sale by setting realistic expectations before you list your business.
Share this article
Additional Resources for Entrepreneurs