Niche Market Exit Planning Tips
Selling a Brass Engravers Business
A lot can go wrong during the sale of a brass engravers business even if the seller has previous business sales experience. With little room for error, your business sale has to feature the flawless execution of concepts that are driving today's business-for-sale marketplace.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
If you're ready to move on, now is the right time to sell your brass engravers business.
Family Issues
Many sellers embarked on their brass engravers business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the brass engravers business. 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 brass engravers business has to include ample communication and shared decision-making.
Buyer Concessions
Most brass engravers business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your brass engravers 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. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
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