It takes dedication to sell an alterations and tailoring business under the best of circumstances. In the current market, you'll need to redouble your efforts and get serious about convincing prospects that your company is a good investment.
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To sell an alterations and tailoring business now, you need to apply the right combination of preparation, strategy and common sense.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Handling Unexpected Outcomes
When you made the decision to sell your alterations and tailoring business, you had a specific set of outcomes in mind. Ultimately, many sellers find that the market is unable to deliver their anticipated outcomes. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your alterations and tailoring business. If price is the most important outcome, you may need to agree to seller financing or other concessions. If a fast sale is the highest priority, you may need to lower the asking price to quickly capture the attention of the marketplace.
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