November 19, 2019  
 
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Selling a Business

 

Selling an African American Goods Business

It's a misconception that no one is buying African American goods businesses these days. Savvy entrepreneurs see African American goods business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.

You need to get a good price for your African American goods business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
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The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a African American goods business sale. To improve sale outcomes, you will simply need to tailor your African American goods business to today's buyers.

Average Preparation Time

It's critical to properly plan for the sale ofan African American goods business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a African American goods business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.

Selecting a Broker

Good business brokers inevitably produce better business sales. In the African American goods business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling African American goods businesses.

Preparing Your Employees

As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.

More Exit Planning Articles

Given your interest in exit planning and in African American goods businesses, you might find these additional resources to be of interest.

Marketing an African American Goods Business

Role of Location In Selling a Business


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