Business sellers sometimes face a long, hard struggle to get fair market value for their companies. But with the adequate preparation, your gift shop can attract buyers who recognize its potential.
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Despite the conventional wisdom, we believe current economic conditions are right for selling a gift shop. We'll tell you what you need to know to achieve a successful sale outcome
Preparing for What's Next
The decision to sell your gift shop can't be made without adequate consideration of what will happen after the sale. If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your gift shop attractive to buyers.
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your gift shop, your business brokers may or may not be willing to conduct negotiations for you. 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.
The Best Person to Sell Your Gift Shop
There are benefits and drawbacks to handling the sale of your gift shop on your own. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your gift shop in the business-for-sale marketplace. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the gift shop to gain an objective sense of fair market value.
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