Advice on Niche Market Exit Planning
Selling a Televisions Service and Repair Business
Is the economy still a little shaky for a business sale? Sure it is. Yet televisions service and repair businesses haven't heard the news and are reporting steady action on the business-for-sale market.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a televisions service and repair business, capital restrictions are holding them back.
A business sale is always a sophisticated transaction and if you aren't prepared for it, your televisions service and repair business sale could have an unexpected outcome. To stay on course, you'll need sound strategy and meticulous execution on your side.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your televisions service and repair business, a sale to an employee is probably not a possibility.
How to Increase Sale Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a televisions service and repair business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their televisions service and repair businesses.
Average Preparation Time
Preparing a televisions service and repair business sale takes time. 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. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. At a minimum, plan on spending six months preparing your televisions service and repair business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
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