It's a fact: Successful business sales take time.
(article continues below)
Too often shelving business sellers sell for a price that is well below market value. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
There is a lot of work that needs to be done before you're ready to sell your shelving business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions shelving business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. Refer to the Letter of Intent to determine how to wrap up due diligence and move the buyer on to closing.
Tips for Working with A Business Broker
Many sellers employ business brokers to manage the details and direction of their sale. Brokerage is particularly common in the shelving business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. To maximize your broker's potential, conduct periodic consultations throughout the process and deliver requested information as quickly as possible.
Given your interest in exit planning and in shelving businesses, you might find these additional resources to be of interest.
If starting a shelving business is on your agenda, these helpul resources may be just what you've been looking for:
If you consider shelving businesses to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are eager to get business succession tips for a different industry, please browse our directory of exit planning guides below.