Niche Market Exit Planning Tips
Selling a Bagel Shop
Many business leaders say that now isn't the time to try to sell a bagel shop. But in reality, now may be the perfect time to sell a bagel shop.
Dire economic forecasts have forced many bagel shop sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
So you got bit by the bagel shop ownership bug? It can be a very good business, but it's also a highly competitive space.
Does that mean selling your bagel shop will be a piece of cake? No -- but you might be surprised to learn that the bagel shops that are selling these days are finding success though simple, common sense selling strategies.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Negotiating Your Sale
It's critical to negotiate from a position of strength. Information is the key to a great bagel shop negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
The pre-sale checklist for a bagel shop is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
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