Niche Market Exit Planning Tips
Selling a Bonsai Plants and Supplies Retail Business
You've learned a lot during your tenure as a bonsai plants and supplies retail business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
In any economy, there is a right way and a wrong way to sell a business.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a bonsai plants and supplies retail business sale. The key is to go into the sale with your eyes open and with complete awareness of market condition.
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a bonsai plants and supplies retail business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your bonsai plants and supplies retail business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
What About Market Conditions?
No one plans to sell a bonsai plants and supplies retail business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your bonsai plants and supplies retail business as attractive as possible so to buyers right now.
The Best Person to Sell Your Bonsai Plants & Supplies Retail Business
As the owner, you are both the best and worst person to sell your bonsai plants and supplies retail business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your bonsai plants and supplies retail business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. Business brokers and other third-party consultants bring objectivity to the sale process and give you much-needed insight about buyers' mindsets.
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