Smart Exit Planning Strategies for Niche Markets
Selling a Gourmet Cooking and Bakeware Business
The sale of a gourmet cooking and bakeware business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. There are lots of buyers who want to own a gourmet cooking and bakeware business, but have limited capital to get their foot in the door.
Although it takes hard work and dedication, if it's time to exit your gourmet cooking and bakeware business there is a good chance you can sell it for a good price -- even in today's market.
Working with Accountants
Professional accountants lend credibility to the financial preparation of a gourmet cooking and bakeware business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. A professional audit can ease buyer concerns and amp up the value of your financial presentation. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized gourmet cooking and bakeware business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Preparing for What's Next
The decision to sell your gourmet cooking and bakeware business 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 gourmet cooking and bakeware business attractive to buyers.
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