Niche Market Exit Planning Tips
Selling a British Foods Business
A good business is about more than dollars and sense. To make your British foods business what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a British foods business.
Pre-Sale Checklist
The upfront time you investment in the sale of your British foods business will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Advantages of Hiring a Broker
There are many reasons why hiring a broker makes sense in British foods business sales. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Although you will pay a fee for brokerage, it's generally worth it because the end result will be a higher sales prices and more favorable terms.
Sweetening the Deal
Today's British foods business buyers expect sellers to offer concessions to persuade them to close the deal. But don't limit your view of concessions to financial incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in British foods business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
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