Niche Market Exit Planning Tips
Selling a Brass and Brass Product Dealers Business
Despite the pessimistic mood of many sellers, your brass and brass product dealers business can be a high value acquisition target for ambitious entrepreneurs -- even in today's tough economy.
It's a fact: Successful business sales take time.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your brass and brass product dealers business.
Whether you know it or not, prospective buyers for your brass and brass product dealers business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. Although some brass and brass product dealers business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Dealing with Tire Kickers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your brass and brass product dealers business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. 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.
It's obvious that you're going to need to hire an attorney to finalize the sale of your brass and brass product dealers business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Share this article
Additional Resources for Entrepreneurs