Are you a small business owner, focused on kitchen and bath, and looking to retire? If so, the time is now to start planning! Like anything else, you will want to ensure all your ducks — and cabinetry!– are in a row when it comes to preparing to depart from your business. To make sure everything goes as smoothly as possible, here are some tips for selling your countertop company.
Step one: Plan as soon as you have the idea
Even if you are planning to retire within the next ten years, start a process of planning your retirement as soon as possible. This way you won’t feel overwhelmed, and you’ll feel more prepared about handing your business over when the day comes. Plus, starting sooner than later, you’ll have the opportunity to educate yourself on the tactical complexities of what comes with selling your business. Remember, it is never too late to start planning!
Step two: Ensure the next owner keeps the same quality you have established
Your customers come to you in part because you offer them exceptional quality. Quality countertops can be hard to come by, and you will want to ensure your name does not suffer when you leave! It can be easy for manufacturers to offer lower-quality quartz and laminate countertops, so choosing someone to keep your loyal customers is a must. The next owner of your countertop company should be able to differentiate between the materials needed for any job — such that laminate is made of four materials and quartz almost always needs to be cut down for a project.
Step three: Be transparent
No one likes surprises, so make sure to be transparent from day one. This includes telling the next owner if there are any customer relationships they should be wary of, the reasons for any bad reviews online, and exactly what your employees expect of you as an owner. Make sure to go over these issues during your pre-sale diligence, and disclose them as soon as you can during the negotiation process. Then, you’ll be able to have peace of mind when signing the letter of intent.
Even though selling a business can be a complicated process, focusing on these three steps will be able to give you clarity when you need them the most!
