Exit Planning Techniques By Market
Selling a Farmers' Market
You've learned a lot during your tenure as a farmers' market owner. Now the trick is to convince cautious buyers that your operation is worth the asking price.
The economy isn't the only thing that is uncertain these days. So are farmers' market buyers, many of whom are waiting to pull the trigger on their next acquisition.
Many farmers' market sellers sell for a price that is well below market value. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions farmers' market ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for farmers' market sellers. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. 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 farmers' market as attractive as possible so to buyers right now.
Benefits of Third-Party Assistance
At some point, you're going to need help selling your farmers' market. The enlistment of a qualified business broker is an excellent first step. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
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