In any economy, there is a right way and a wrong way to sell a business.
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Despite the conventional wisdom, we believe current economic conditions are right for selling an abrasive products business. With the right information and strategy, you could be well on your way to a successful sale
When Is the Right Time to Sell?
When is it the right time to sell your abrasive products business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling abrasive products business owners to wait for a better economy to put their business on the market. But despite the negativity that exists in some sectors, if you have a desire to sell your abrasive products business now, there is a high probability that you can sell it in the current market. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
Selling an Abrasive Products Business to an Employee
Although it may seem easier to sell your abrasive products business to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based abrasive products business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell an abrasive products business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your abrasive products business, you can avoid painful tax and legal complications both before and after closing.
Ready to learn more? You may find these additional resources to be of interest.
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