Mastering Niche Market Exit Planning
Selling a Native Crafts Business
Over the past few years, the Native crafts business industry has seen more than its share of fluctuations in business values. Here's what you'll need to know to sell a Native crafts business during challenging economic times.
An assortment of hurdles and obstacles stand between you and the successful sale of your Native crafts business.
At Gaebler, we're seeing Native crafts business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Even if you hire a business broker to facilitate the sale of your Native crafts business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
How to Identify Prospective Buyers
Whether you know it or not, prospective buyers for your Native crafts business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. Ultimately, many sellers find that the market is unable to deliver their anticipated outcomes. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your Native crafts business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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