Smart Exit Planning Strategies for Niche Markets
Selling a Garage Doors and Openers Business
A lot can go wrong during the sale of a garage doors and openers business these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
An assortment of hurdles and obstacles stand between you and the successful sale of your garage doors and openers business.
Most garage doors and openers businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Second, a good business broker is a master at confidentiality locating garage doors and openers business sale prospects and guiding sellers through negotiations. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Pros & Cons of a Sale to an Employee
Although it may seem easier to sell your garage doors and openers business to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Seller financing is one way to get around the capital deficit of an employee-based garage doors and openers business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Preparing Family Members
Many sellers embarked on their garage doors and openers business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your garage doors and openers business has been an important part of your family life. The sale of the business will likely result in new family dynamics. The decision to sell a garage doors and openers business has to include ample communication and shared decision-making.
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