Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
(article continues below)
Despite the conventional wisdom, we believe current economic conditions are right for selling a baskets retail business. We'll tell you what you need to know to achieve a successful sale outcome
Negotiating Your Sale
It's critical to negotiate from a position of strength. More often than not, the person with the most knowledge will come out on top in a baskets retail business 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. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Average Preparation Time
There are no effective shortcuts for selling a baskets retail business. For starters, the financials need to demonstrate a track record of profitability and growth. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a baskets retail business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Most baskets retail business have significant tax consequences requiring the input of a qualified accountant. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
We think you may find these additional resources to be of interest.
If starting a baskets retail business is on your agenda, these helpul resources may be just what you've been looking for:
If you consider baskets retail businesses to be sales prospects, there's more applicable information for you elsewhere on our site. Try these useful resources instead:
If you are eager to get business succession tips for a different industry, try our list of exit planning guides below.