The economy isn't the only thing that is uncertain these days. So are educational toy shop buyers, many of whom are waiting to pull the trigger on their next acquisition.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a educational toy shop.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Many sellers embarked on their educational toy shop sale without adequately considering the impact it will have on their families. Whether you realize it or not, your educational toy shop has been an important part of your family life. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. The decision to sell an educational toy shop has to include ample communication and shared decision-making.
Signs You're in Over Your Head
Many educational toy shop are tempted to save brokerage fees by selling their businesses on their own. But for every successful unassisted sale, several other educational toy shops sell below market value or languish on the market for years without attracting the interest of qualified buyers. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
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