Niche Market Exit Planning Tips
Selling a Boutiques Business
You've learned a lot during your tenure as a boutiques business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Undaunted by economic conditions, many boutiques business sellers are achieving their sale goals through deliberate sale strategies.
When to End Negotiations
If the devil is in the details, the negotiation stage of a boutiques business sale is the devil's playground. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. In a boutiques business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for boutiques business sellers. 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 boutiques business as attractive as possible so to buyers right now.
How to Increase Sale Price
There are no simple ways to sell a boutiques business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their boutiques businesses.
Share this article
Additional Resources for Entrepreneurs