November 27, 2020  
 
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Selling a Business

 

Selling a Furniture Frames and Framing Business

A good business is about more than dollars and sense. To make your furniture frames and framing business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.

Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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More than a few furniture frames and framing business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.

Business Valuation

Professional appraisers can use three methods to determine the value ofa furniture frames and framing business: The income method, the asset method and the market method. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. Using recent furniture frames and framing business sales as its foundation, the market method factors market conditions into the valuation process. All three methods have multiple variations and it's not uncommon for appraisers to use a combination of the three to determine the value of your business. To drive up your sale price, position your furniture frames and framing business by improving variables like assets, revenue and profitability during the years leading up to a sale.

Legal Concerns

In a furniture frames and framing business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . 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.

What About Market Conditions?

No one plans to sell a furniture frames and framing business in a down economy. 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. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell a furniture frames and framing business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.

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What challenges have you experienced in selling a furniture frames and framing business or are you just getting started? If you have questions or advice to share, we'd love to hear from you!


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