Niche Market Exit Planning Tips
Selling a Blinds Business
Many business leaders say that now isn't the time to try to sell a blinds business. At Gaebler, we think it's a great time to sell a blinds business. Here's why . . ..
It's a fact: Successful business sales take time.
If you're ready to move on, now is the right time to sell your blinds business.
There is a lot of work that needs to be done before you're ready to sell your blinds business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
A good broker can offer several benefits to business sellers. First-rate brokers are extremely skilled at communicating your company's strengths to prospective 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.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Seller financing is one way to get around the capital deficit of an employee-based blinds business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Share this article
Additional Resources for Entrepreneurs