Exit Planning Techniques By Market
Selling a Food Service Equipment and Supplies Business
We hear from a lot of business owners who are timid about listing their food service equipment and supplies business. Despite the mood of the market, we think there are still opportunities to receive a good price for your food service equipment and supplies business. Here's what you need to know . . .
Personal and professional concerns surround the sale of a food service equipment and supplies business. In our experience, a common owner concern is how the sale will affect customers and employees.
The business-for-sale market is extremely dynamic. That's why we think it's important for food service equipment and supplies business owners to know that it's possible to sell a business in any economy. To improve sale outcomes, you will simply need to tailor your food service equipment and supplies business to today's buyers.
Preparing Family Members
Many sellers embarked on their food service equipment and supplies business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. To keep the family intact, the sale of a food service equipment and supplies business has to include ample communication and shared decision-making.
Even if you hire a business broker to facilitate the sale of your food service equipment and supplies business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Leveraging External Resources
Rarely, if ever, do owners sell a food service equipment and supplies business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
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