Niche Exit Planning Tactics
Selling a Weddings Business
For the right sellers, the business-for-sale marketplace is a friendly environment for weddings business opportunities. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
The decision to sell a weddings business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a weddings business.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based weddings business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Laying the Groundwork
A successful weddings business sale begins with careful planning. Although you are convinced your business has value in the marketplace, the planning process establishes a framework for communicating its value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a weddings business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium weddings business opportunity.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a weddings business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
Share this article
Additional Resources for Entrepreneurs