Personal and professional concerns surround the sale of an accordion business. But have you considered how your customers, vendors and employees will handle the sale?
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If your exit strategy involves selling an accordion business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your accordion business. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of an accordion business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Sale Preparations for Your Accordion Business
Like it or not, a good business sale takes time. Attractive accordion business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your accordion business, the amount of preparation you perform will have direct correlation on asking and sale prices. Additionally, you'll need time to compile financials and other information that buyers will expect to receive.
Finding Accordion Business Buyers
It's difficult to predict where the buyer of your accordion business will come from. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Networking is another useful tool in locating buyers. It might surprise you to learn how many accordion business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
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