January 15, 2021  
 
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Selling a Company

 

Selling a Crafts Publications Business

A good business is about more than dollars and sense. To make your crafts publications business what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.

Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
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However, serious buyers also understand the value of a good crafts publications business. So for crafts publications business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.

Benefits of Third-Party Assistance

Rarely, if ever, do owners sell a crafts publications business without outside assistance. The enlistment of a qualified business broker is an excellent first step. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your crafts publications business, you can avoid painful tax and legal complications both before and after closing.

Preparing Your Employees

Business sellers face a dilemma when it comes to their employees. On the one hand, confidentiality is critical for a successful crafts publications business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the crafts publications business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.

Dealing with Your Emotions

There is no easy way to say goodbye to your business. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.

More Exit Planning Articles

Given your interest in exit planning and in crafts publications businesses, you might find these additional resources to be of interest.

Marketing a Crafts Publications Business

Terms of Investment Banking Agreement

How to Sell a Business

Entrepreneurial Exit Strategies


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