Sell a Business for the Best Price
Selling a Picture Frames Retail Business
We hear from a lot of business owners who are timid about listing their picture frames retail business. Despite the mood of the market, we think there are still opportunities to receive a good price for your picture frames retail business. Here's what you need to know . . .
Dire economic forecasts have forced many picture frames retail business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
However, serious buyers also understand the value of a good picture frames retail business. So for picture frames retail business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
The way you exit your picture frames retail business is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. 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. It's completely normal for picture frames retail business sellers to be asked pointed questions during due diligence. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Preparing Family Members
Many sellers embarked on their picture frames retail business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the picture frames retail business. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. The decision to sell a picture frames retail business should allow opportunities for all family members to share their feelings and offer input about the sale process.
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