Tips to Improve Exit Planning
Selling a Jewelry Store
We hear from a lot of business owners who are timid about listing their jewelry store. Despite the mood of the market, we think there are still opportunities to receive a good price for your jewelry store. Here's what you need to know . . .
The buzz in the marketplace is that now isn't the right time to sell a jewelry store. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
But sooner or later, all good things must come to an end. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your jewelry store.
Preparing for What's Next
The decision to sell your jewelry store 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 jewelry store attractive to buyers.
Negotiation Exit Strategy
Negotiations have a way of dragging on forever. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. In a jewelry store sale, a stalled negotiation can be an indication that the deal is dead. If you are adequately prepared, you'll know what your bottom line is -- and if the buyer is unwilling to meet your bottom line requirements or if negotiations are stalled, it's time to step back from the negotiating table and re-evaluate your options.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your jewelry store. 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. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Share this article
Additional Resources for Entrepreneurs