September 23, 2020  
 
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Selling a Company

 

Selling a Specialty and Fancy Boxes Wholesale and Manufacturers Business

The sale of your specialty and fancy boxes wholesale and manufacturers business 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.

It's a fact: Successful business sales take time.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a specialty and fancy boxes wholesale and manufacturers business.

Finding Prospects

Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.

Selling to a Family Member

There is no easy way to sell a specialty and fancy boxes wholesale and manufacturers business, not even to a family member. In fact, selling your specialty and fancy boxes wholesale and manufacturers business to a family member can quickly become a no-win proposition. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.

Hiring an Attorney

It's obvious that you're going to need to hire an attorney to finalize the sale of your specialty and fancy boxes wholesale and manufacturers business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your specialty and fancy boxes wholesale and manufacturers business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.

More Exit Planning Articles

Given your interest in exit planning and in specialty and fancy boxes wholesale and manufacturers businesses, you might find these additional resources to be of interest.

Marketing a Specialty and Fancy Boxes Wholesale and Manufacturers Business

Renewing Leases Prior to Selling a Business

Selling Part of a Business

What Does a Business Broker Charge?


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