How to Sell a Niche Market Business
Selling an Eyewear Business
Your eyewear business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
You need to get a good price for your eyewear business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
To achieve your goals, you'll need to know the market as well as key business selling techniques. But for business sellers, the process begins with having the right mental attitude.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your eyewear business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Preparing Your Eyewear Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Attractive eyewear business listings are the culmination of a preparation process that began months or even years ahead of time. Even though it may take years to adequately position your eyewear business, the amount of preparation you perform will have direct correlation on asking and sale prices. 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.
Preparing Your Employees
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. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the eyewear business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
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