Although we're optimistic about the economy, we also recognize that it takes the right strategy to sell a gourmet foods retail business in today's market.
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There are still plenty of gourmet foods retail business buyers looking for opportunities that present well in the marketplace.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions gourmet foods retail business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Brokers give gourmet foods retail business sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. 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.
Preparing Family Members
Many sellers embarked on their gourmet foods retail business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your gourmet foods retail business has been an important part of your family life. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a gourmet foods retail business has to include ample communication and shared decision-making.
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