Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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Although it takes hard work and dedication, if it's time to exit your bark and bark products business there is a good chance you can sell it for a good price -- even in today's market.
The way you exit your bark and bark products business is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some bark and bark products 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.
Given your interest in exit planning and in bark and bark products businesses, you might find these additional resources to be of interest.
If you plan on opening a bark and bark products business, these helpul resources may be just what you've been looking for:
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