Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
(article continues below)
Too often consignment services and shops business sellers sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.
What About Market Conditions?
At first glance, today's market would seem to be a hostile place for consignment services and shops business sellers. Entrepreneurs and investors still exhibit healthy skepticism, despite initial indication that recovery has begun. But when the economy fully rebounds, a shadow inventory of consignment services and shops businesses will flood the market and drive prices down even further. 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 consignment services and shops business as attractive as possible so to buyers right now.
Dealing with Tire Kickers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Even though tire kickers are a fact of life in any sale scenario, they sap valuable time and energy that could be spent identifying more serious prospects. If you aren't sure what to look for in a serious buyer, ask your broker for advice. It's likely that non-serious buyers will want to know everything about your consignment services and shops business during their initial inquires. Avoid releasing details about your consignment services and shops business until you have established that they have the financial capacity to make a legitimate offer.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your consignment services and shops 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.
Given your interest in exit planning and in consignment services and shops businesses, you might find these additional resources to be of interest.
If you plan on opening a consignment services and shops business, these guides will help you get started:
If you want information on how to sell to consignment services and shops businesses, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are eager to get business succession tips for a different industry, try our directory of exit planning guides below.