Niche Market Exit Planning Tips
Selling a Boat and Yacht Charters, Rental, and Leasing Business
Maybe you're counting on your boat and yacht charters, rental, and leasing business to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
You won't find any magic formulas for selling a boat and yacht charters, rental, and leasing business, especially while the market is struggling to overcome the perceptions created by a down economy.
The business-for-sale market is extremely dynamic. So if you're waiting for the perfect market conditions to sell your boat and yacht charters, rental, and leasing business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. To improve sale outcomes, you will simply need to tailor your boat and yacht charters, rental, and leasing business to today's buyers.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. It's completely normal for boat and yacht charters, rental, and leasing business sellers to be asked pointed questions during due diligence. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your boat and yacht charters, rental, and leasing business now, but that doesn't make the emotions you will experience any easier. We advise sellers to discuss their feelings with family members and close friends before, during and after the sale. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Leveraging External Resources
Rarely, if ever, do owners sell a boat and yacht charters, rental, and leasing business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
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