Niche Market Exit Planning Tips
Selling a Bulbs Retail Business
You've learned a lot during your tenure as a bulbs retail business owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
The process of selling a bulbs retail business can be one of the most stressful experiences of your entrepreneurial career.
Most bulbs retail businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Business Assets
During due diligence, the buyer will undoubtedly conduct his own appraisal of your bulbs retail business's real assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. A pre-listing appraisal also gives you the opportunity to document the condition of your bulbs retail business's assets and possible even make repairs or upgrades to increase the total value of the operation.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your bulbs retail business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Average Preparation Time
There are no effective shortcuts for selling a bulbs retail business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a bulbs retail business can rarely be ready for the marketplace in less than six months. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
Share this article
Additional Resources for Entrepreneurs