Business Exits By Industry
Selling a Cookbooks Business
Although a cookbooks business may not be completely recession-proof, the best companies can survive nearly any storm. Now all you have to do is convince the right buyer that your business is built for long-term success.
If you plan on selling your cookbooks business quickly, prepare to be disappointed.
Success is a factor of preparation, execution and a keen eye for the market. Since your future goals depend on the outcome of your sale, you'll need to have your head in the game from Day One.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. 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. Never provide detailed information about your cookbooks business until the prospect has been qualified as a serious buyer.
The Best Person to Sell Your Cookbooks Business
There are benefits and drawbacks to handling the sale of your cookbooks business on your own. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. But your knowledge and personal insights about the cookbooks business are also the problem. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the cookbooks business to gain an objective sense of fair market value.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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