Niche Exit Planning Strategies
Selling a Dressmakers' Wedding Services Business
Economic uncertainty influences the timing of many dressmakers' wedding services business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your dressmakers' wedding services business on the market.
The decision to sell a dressmakers' wedding services business is never easy. But have you considered how your customers, vendors and employees will handle the sale?
If your exit strategy involves selling a dressmakers' wedding services business in this environment, sellers need to make a strong case for buyers to purchase at or near the asking price.
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Hoping for a quick dressmakers' wedding services business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. On average, it takes a minimum of six months to prepare a dressmakers' wedding services business for sale and many sellers spend a year or more positioning their business to command a higher price. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
In a dressmakers' wedding services business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Depending on your circumstances, you may also incur substantial expenses in hiring legal, appraisal and accounting professionals. If you need to compensate employees to assist with the sale, their services should also be considered.
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