Smart Exit Planning Strategies for Niche Markets
Selling a Gunsmiths Business
No one said selling your business in a depressed economy would be easy. Fortunately, a gunsmiths business sale isn't as scary as it seems.
The economy isn't the only thing that is uncertain these days. So are gunsmiths business buyers, many of whom are waiting to pull the trigger on their next acquisition.
If your exit strategy involves selling a gunsmiths business now, business sellers may need to apply a combination of incentives and techniques.
Preparing Family Members
You're ready to sell your gunsmiths business, but is your family prepared for the transition? Whether you realize it or not, your gunsmiths business has been an important part of your family life. The sale of the business will likely result in new family dynamics. Subsequently, selling a gunsmiths business has to include ample communication and shared decision-making.
Sweetening the Deal
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your gunsmiths business. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in gunsmiths 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.
It's obvious that you're going to need to hire an attorney to finalize the sale of your gunsmiths business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your gunsmiths business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
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