Selling a Company Advice
Selling a Used Silverware Business
Although a used silverware business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.
These days, the prospect of selling a used silverware business is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
Yet everyday, hundreds of listed used silverware businesses manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your used silverware business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Average Preparation Time
There are no effective shortcuts for selling a used silverware business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey used silverware business operation. Since all of this takes time and effort, a used silverware business can rarely be ready for the marketplace in less than six months. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a used silverware business can translate into a dead deal. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Share this article
Additional Resources for Entrepreneurs