Niche Exit Planning Tactics
Selling a Wood Finishing and Graining Business
You've learned a lot during your tenure as a wood finishing and graining business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business sellers sometimes face a long, hard struggle to get fair market value for their companies. But with the adequate preparation, your wood finishing and graining business can attract buyers who recognize its potential.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to wood finishing and graining businesses that exhibit strong financials and potential for future growth.
Workforce Concerns
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. Consider informing your key employees first, followed by the rest of your workforce later in the process. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
Preparing Your Wood Finishing & Graining Business for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Profitable wood finishing and graining business sales opportunities leverage a long-term strategy to increase the value of the business to buyers. Everything you do to increase market share and profitability has a payoff in the final sale price of your wood finishing and graining business. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Post-Sale Details
As your wood finishing and graining businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Share this article
Additional Resources for Entrepreneurs