Niche Market Exit Planning Tips
Selling a Bakery Wholesale and Manufacturers Business
You've heard the naysayers - now isn't the time to sell a wholesale or manufacturing bakery business. But what they don't know is that many entrepreneurs see wholesale or manufacturing bakery businesses as a smart business investment.
Like it or not, a wholesale or manufacturing bakery business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. But have you considered how your customers, vendors and employees will handle the sale?
At Gaebler, we're seeing wholesale or manufacturing bakery business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based wholesale or manufacturing bakery business sale can be more complicated than selling to a stranger. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
In a wholesale or manufacturing bakery business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Hoping for a quick wholesale or manufacturing bakery business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your wholesale or manufacturing bakery business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Share this article
Additional Resources for Entrepreneurs