Sell a Business for the Best Price
Selling a Paint Store
You've learned a lot during your tenure as a paint store owner. The next step is to position your business for the demands of the business-for-sale marketplace.
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 paint store.
Undaunted by economic conditions, many paint store sellers are achieving their sale goals through deliberate sale strategies.
Negotiation Teams
Even if you hire a business broker to facilitate the sale of your paint store, 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. By enlisting the assistance of a negotiation team (senior leaders, experienced negotiators, etc.), you can improve the quality of your negotiation strategy and position yourself to receive top dollar for your paint store.
Pre-Sale Checklist
The pre-sale checklist for a paint store is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . By the time the deal reaches the final contract, many of its features are set in stone. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your paint store may be a waste of time.
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