Niche Exit Planning Tactics
Selling a Wire Cloth Business
When it's time to sell your wire cloth business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
You need to get a good price for your wire cloth business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Many business owners don't know that wire cloth businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Setting the Stage
Effective wire cloth business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a wire cloth business to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your wire cloth business on the market.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Post-Sale Details
The way you exit your wire cloth business is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
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