Mastering Niche Market Exit Planning
Selling a Nautical Instruments Retailer
The sale of your nautical instruments retailer is the culmination of this stage of your entrepreneurial journey. Although most business owners expect a storybook ending, it will take the careful application of sound selling principles to bring your sale to a successful conclusion.
We hear it all the time: "I'm waiting until the economy recovers to list my business."
Many business owners don't know that nautical instruments retailers are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Brokers give nautical instruments retailer sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Although you will pay a fee for brokerage, it's generally worth it because the end result will be a higher sales prices and more favorable terms.
Before You Sell
There is a lot of work that needs to be done before you're ready to sell your nautical instruments retailer. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your nautical instruments retailer's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your nautical instruments retailer.
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