September 26, 2020  
 
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Selling a Company

 

Selling an Alterations and Tailoring Equipment and Supplies Business

Is the economy still a little shaky for a business sale? Sure it is. Yet alterations and tailoring equipment and supplies businesses haven't heard the news and are reporting steady action on the business-for-sale market.

Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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There is no simple way to sell a business. But the most prepared alterations and tailoring equipment and supplies business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.

Average Timeframes

Hoping for a quick alterations and tailoring equipment and supplies business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.

Preparing Your Employees

Business sellers walk a fine line when it comes to preparing their employees for a sale. On the one hand, confidentiality is critical for a successful alterations and tailoring equipment and supplies business sale. 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.

How to Work with Business Brokers

Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the alterations and tailoring equipment and supplies business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.

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Selling an alterations and tailoring equipment and supplies business is a complex topic, so there's still much more that can be discussed. We welcome your questions, comments and feedback about this topic.


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