November 29, 2020  
 
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Selling a Crafts Program

The decision to sell your crafts school isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.

An assortment of hurdles and obstacles stand between you and the successful sale of your crafts school.
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If you're looking for a reason to wait to put your business on the market, you'll find it. Selling a crafts school isn't easy, but we believe sellers can achieve their goals in any economic environment.

Equipment and Inventory Concerns

During due diligence, the buyer will undoubtedly conduct his own appraisal of your crafts school'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. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your crafts school.

Legal Concerns

We run into a lot of crafts school sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your crafts school may be a waste of time.

Finding Prospects

Many sellers don't realize how many prospective buyers there are for their businesses. Although some crafts school sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

Marketing a Crafts Program

How Much Is My Business Worth?

What Does a Business Broker Charge?

How to Sell a Business


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