Exit Planning Advice
Selling a Kitchen Equipment Refinishing Business
No one said selling your business in a depressed economy would be easy. Fortunately, a kitchen equipment refinishing business sale isn't as scary as it seems.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
The economy hasn't squashed the market for kitchen equipment refinishing businesses. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
Are You the Right Person to Sell Your Business?
An unassisted business sale is a double-edged sword. Few people know your business as well as you do. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful kitchen equipment refinishing business sale.
Sweetening the Deal
Today's kitchen equipment refinishing business buyers expect sellers to offer concessions to persuade them to close the deal. 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. If you aren't familiar with typical kitchen equipment refinishing business concessions, consult with a professional to learn how you can build incentives into your deal.
Preparing Family Members
Many sellers embarked on their kitchen equipment refinishing business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your kitchen equipment refinishing business has been an important part of your family life. The sale of the business will likely result in new family dynamics. To keep the family intact, the sale of a kitchen equipment refinishing business has to include ample communication and shared decision-making.
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