You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a kitchen cabinet remodeling and repair business.
(article continues below)
In a skittish economy, kitchen cabinet remodeling and repair business sellers can access several strategies to receive fair market value from entrepreneurs who understand the value of a good business investment.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Although you might think you're ready to exit your business, selling and separating from a kitchen cabinet remodeling and repair business scan stir up a range of emotions. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Sweetening the Deal
Seller concessions sweeten the deal for buyers and are a necessary fixture in a sluggish economy. Concessions can consist of non-cash as well as cash incentives. In fact, many concessions have little or no financial impact, but go a long way toward making the deal more palatable to young entrepreneurs. If you aren't familiar with typical kitchen cabinet remodeling and repair business concessions, consult with a professional to learn how you can build incentives into your deal.
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your kitchen cabinet remodeling and repair business. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a kitchen cabinet remodeling and repair business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Given your interest in exit planning and in kitchen cabinet remodeling and repair businesses, you might find these additional resources to be of interest.
If you plan on opening a kitchen cabinet remodeling and repair business, these guides will help you get started:
If you consider kitchen cabinet remodeling and repair businesses to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our directory of exit planning guides below.