Niche Market Exit Planning Tips
Selling a Bicycle Tour Business
Many business leaders say that now isn't the time to try to sell a bicycle tour business. But in reality, now may be the perfect time to sell a bicycle tour business.
In a down economy, many bicycle tour business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of bicycle tour businesses that are actually for sale.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your bicycle tour business.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a bicycle tour business that languishes on the market for months or even years. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a bicycle tour business can translate into a dead deal. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Working with Accountants
Professional accountants lend credibility to the financial preparation of a bicycle tour business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for bicycle tour businesses than other buyers.
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