Niche Market Exit Planning Tips
Selling a Bronze Art Business
We hear from a lot of business owners who are timid about listing their bronze art business. Despite the mood of the market, we think there are still opportunities to receive a good price for your bronze art business. Here's what you need to know . . .
Personal and professional concerns surround the sale of a bronze art business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your bronze art business a success.
Despite the conventional wisdom, we believe current economic conditions are right for selling a bronze art business. We'll tell you what you need to know to achieve a successful sale outcome
Signs You're in Over Your Head
It's not uncommon for the owners of small bronze art businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their bronze art businesses unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. If that occurs, it's time to bring in the professionals to get your sale back on track.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Business Valuation
Multiple valuation methods exist for a bronze art business. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. Finally, the market method determines the worth of your bronze art business based on the sales of similar businesses in your geographic area. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. Sellers should take note of the fact that all three valuation methods reward businesses that takes steps to increase assets and income.
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