Mastering Niche Market Exit Planning
Selling a Native American Arts and Crafts Retailer
There's a right way and a wrong way to sell a Native American arts and crafts retailer these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
Despite your best intentions, great business sales don't happen overnight.
To sell a Native American arts and crafts retailer now, sellers need to make a strong case for buyers to purchase at or near the asking price.
The way you exit your Native American arts and crafts retailer is just as important as the way you sell it. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
How to Skillfully Address Buyer Concerns
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions Native American arts and crafts retailer 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. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
Current Market Conditions
No one plans to sell a Native American arts and crafts retailer in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. But when the economy fully rebounds, a shadow inventory of Native American arts and crafts retailers will flood the market and drive prices down even further. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your Native American arts and crafts retailer as attractive as possible so to buyers right now.
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