October 19, 2020  
 
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Selling a Company

 

Selling a Custom Clothing and Accessories Business

Your custom clothing and accessories business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.

You need to get a good price for your custom clothing and accessories business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
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Despite the conventional wisdom, we believe current economic conditions are right for selling a custom clothing and accessories business. We'll tell you what you need to know to achieve a successful sale outcome

Current Market Conditions

No one plans to sell a custom clothing and accessories business in a down economy. Entrepreneurs and investors still exhibit healthy skepticism, despite initial indication that recovery has begun. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. 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 custom clothing and accessories business as attractive as possible so to buyers right now.

Business Assets

During due diligence, the buyer will undoubtedly conduct his own appraisal of your custom clothing and accessories business's physical 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 custom clothing and accessories business.

Sale Documents

We run into a lot of custom clothing and accessories business 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. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

Five Tips for Maximizing Your Business Sale Price

Marketing a Custom Clothing and Accessories Business

Why Most Businesses Do Not Have Exit Plans


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Want to continue the discussion about how to sell a custom clothing and accessories business? If you have firsthand knowledge about exit planning issues and challenges, we invite you to submit your comments. Questions are also encouraged!


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