The economy isn't the only thing that is uncertain these days. So are ethnic gifts business buyers, many of whom are waiting to pull the trigger on their next acquisition.
(article continues below)
Despite the conventional wisdom, we believe current economic conditions are right for selling an ethnic gifts business. With the right information and strategy, you could be well on your way to a successful sale
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. Although some ethnic gifts business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
Selling an Ethnic Gifts Business to an Employee
There are both benefits and drawbacks to selling an ethnic gifts business to an employee. There are some perks to selling the business in-house. 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 ethnic gifts business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Tapping Into Business Networks
Today's ethnic gifts business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Given your interest in exit planning and in ethnic gifts businesses, you might find these additional resources to be of interest.
If you plan on opening an ethnic gifts business, these helpul resources may be just what you've been looking for:
If you consider ethnic gifts businesses to be sales prospects, this isn't the best resource for you on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our list of exit planning guides below.