Advice on Niche Market Exit Planning
Selling a Towel Cabinets Business
It's a misconception that no one is buying towel cabinets businesses these days. Savvy entrepreneurs see towel cabinets business opportunities as a path to short-term profits and long-term growth. Here's what you need to know to get a fair price for your company.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
The economy hasn't squashed the market for towel cabinets businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Signs You're in Over Your Head
Many towel cabinets business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
The upfront time you investment in the sale of your towel cabinets business will pay big dividends at closing. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. 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 towel cabinets business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
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