Niche Market Exit Planning Tips
Selling a Boring Contractors Business
You've heard the naysayers - now isn't the time to sell a boring contractors business. But what they don't know is that many entrepreneurs see boring contractors businesses as a smart business investment.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a boring contractors business sale works.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to boring contractors businesses that exhibit strong financials and potential for future growth.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your boring contractors business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your boring contractors business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
Leveraging Seller Concessions
It's becoming more difficult to sell a boring contractors business without considering seller concessions. Not surprisingly, seller financing is routinely requested by today's buyers. 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.
Preparing Family Members
You're ready to sell your boring contractors business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a boring contractors business often begins with a family conversation and a mutual decision to move on the next stage of life.
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