August 11, 2020 is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

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Selling a Company


Selling a Reptiles Business

With the economy struggling to rebound, the shadow inventory of reptiles businesses in the business-for-sale marketplace seems to be rising. That could make this the perfect time to list a successful reptiles business

Personal and professional concerns surround the sale of a reptiles business. In our experience, a common owner concern is how the sale will affect customers and employees.
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Undaunted by economic conditions, many reptiles business sellers are achieving their sale goals through deliberate sale strategies.

Sale Documents

We run into a lot of reptiles business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.

Equipment and Inventory Concerns

Buyers typically perform an independent appraisal of your reptiles business's inventory, equipment, and physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A pre-sale appraisal is a prerequisite for because it offers insights about your assets' market value before you initiate conversations with prospective buyers. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your reptiles business.

Sale Preparation Timeframes

It's critical to properly plan for the sale ofa reptiles business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a reptiles business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.

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Given your interest in exit planning and in reptiles businesses, you might find these additional resources to be of interest.

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