Niche Market Exit Planning Tips
Selling a Berean Church
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet Berean churches continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
There is no simple way to sell a business. But the most prepared Berean church sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your Berean church may be a waste of time.
How to Skillfully Address Buyer Concerns
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood Berean church sellers with questions and requests, often to the point of becoming a nuisance. It's completely normal for Berean church sellers to be asked pointed questions during due diligence. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. If due diligence drags on too long, your broker may need to intervene.
What to Expect in a Berean Church Sale
Prepare yourself to feel a broad range of emotions when you sell a Berean church. From hopefulness to remorse, it's all part of exiting of your company. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Although it isn't easy, you can mitigate the emotional impact of a Berean church sale by setting realistic expectations before you list your business.
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