Personal and professional concerns surround the sale of a gag gifts business. But have you considered how your customers, vendors and employees will handle the sale?
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More than a few gag gifts business sellers fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of a gag gifts business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Sale Preparations for Your Gag Gifts Business
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Attractive gag gifts business listings are the culmination of a preparation process that began months or even years ahead of time. Even though it may take years to adequately position your gag gifts business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Today's gag gifts business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. In the current economy, seller financing is becoming common in gag gifts business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
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