Nov 12, 2014

Buying or Selling an Antique Business? Proof of Profit Trumps All

On a regular basis, I get phone calls from dealers seeking advice on how to best sell their business. Most of these calls are from long-term dealers who want to retire but aren’t quiteAntiques shop sure how to go about closing up. They all have the same question: Is it best to just sell off my inventory and equipment and close the doors, or should I try to sell my business as a going concern? (“Best” meaning “Which way will net me the most money?”)

My answer is always the same: If you have a profitable business, an established location (or web store or show circuit) and three to five years of financial statements (income statements, balance sheets and tax returns) then you are probably better off selling your business as a going concern. If not – or if you’re in a hurry to sell – then the better choice is to liquidate your assets and move on. If you’re not in a hurry to sell, then start keeping good financial records, wait three years, and then sell. Read More >>>

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