When pawn shop owners want or need to sell their shops right away, they quickly learn that selling is not just a matter of putting their pawn businesses on the market, calling up potential buyers, and waiting for the bids to come in. It typically takes a lot of preparation.
In a February 2013 Entrepreneur article, Brad Sugars, founder and chairman of ActionCoach, states, “If you’re looking to sell right away, you probably won’t get full value, as it takes a good year of preparation to sell before you actually put your company on the market.”
At Stallcup Group, we agree with Sugars’ statement—so long as it applies to business owners who are attempting to sell in the absence of solid representation.
When you have the right representation; that is, when you have the right exit strategy specialists in your corner, it doesn’t have to take an entire year or more for you to sell your pawn shop or shops. Perhaps more importantly, you don’t have to prepare to sell for an entire year or more prior to putting your pawn business on the market only to achieve a selling price that is unimpressive or doesn’t reflect the true value of your business.
Experienced pawn shop exit strategy consultants can help you get the highest possible return on your investment in your pawn business by accurately identifying its value and creating and implementing a plan of action that will enable you to increase your business’s value prior to reaching out to buyers—and do it quickly.
If you’ve been considering selling your pawn business, but aren’t sure how to go about selecting the right representation to help you do it, Stallcup Group suggests you start by asking your potential exit strategy consultant the six questions below.
- What information do your pawn business valuations typically contain?
- Are you able to determine not just how much my pawn shop is worth now, but to forecast what it might be worth to a buyer after the buyer takes over?
- How do you obtain, manage, and turn complex financial data and licenses and agreements into actionable information?
- How can you drive value to my pawn shop or shops?
- What are your established business marketing and selling/closing processes?
- How will working with you help me get a higher return on investment in my business than I would get if I were to sell my business on my own?
If your goal is to sell quickly and at a price that reflects your pawn business’s true value, partnering with the right exit strategy consultant is going to be paramount. The six questions above should help you determine whether or not your potential exit strategy consultant has got the right stuff.
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