Profitable Niche Market Exit Plans
Selling an Oak Furniture Business
Looking for shortcuts? You won't find them when you sell an oak furniture business. In this industry, a business sale takes time, effort and dedication. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
It's a fact: Successful business sales take time.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a oak furniture business sale. To improve sale outcomes, you will simply need to tailor your oak furniture business to today's buyers.
Business Assets
It's incumbent on buyers to commission their own appraisal of your oak furniture business's real assets. But you'll need to commission your own appraisal before you put your oak furniture business on the market to arm yourself with information for the negotiation phase. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. A pre-listing appraisal also gives you the opportunity to document the condition of your oak furniture business's assets and possible even make repairs or upgrades to increase the total value of the operation.
Preparing Family Members
You're ready to sell your oak furniture business, but is your family prepared for the transition? Whether you realize it or not, your oak furniture business has been an important part of your family life. The sale of the business will likely result in new family dynamics. Subsequently, selling an oak furniture business should allow opportunities for all family members to share their feelings and offer input about the sale process.
Legal Concerns
We run into a lot of oak furniture business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
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