Advice on Niche Market Exit Planning
Selling a Thrift Store
Over the past few years, the thrift store industry has seen more than its share of fluctuations in business values. Sellers have adapted their strategies to accommodate changing market realities, incorporating a handful of proven techniques for selling a thrift store in the current economic environment.
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 thrift store, capital restrictions are holding them back.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Working with Appraisers
An experienced appraiser is part and parcel of a successful thrift store sale. Armed with a professional appraisal, both you and your broker can enter the negotiation stage with confidence. Following the appraisal, you may choose to delay your sale until you can increase the value of assets and revenue.
Family Issues
Many sellers embarked on their thrift store sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a thrift store should allow opportunities for all family members to share their feelings and offer input about the sale process.
Business Assets
It's incumbent on buyers to commission their own appraisal of your thrift store's physical assets. But you'll need to commission your own appraisal before you put your thrift store on the market to arm yourself with information for the negotiation phase. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your thrift store.
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