Niche Market Exit Planning Tips
Selling a Bushings Business
You've learned a lot during your tenure as a bushings business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
In a down economy, many bushings 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 bushings businesses that are actually for sale.
Most bushings businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. The questions bushings business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Sale Preparations for Your Bushings Business
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Attractive bushings business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your bushings business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your bushings business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Share this article
Additional Resources for Entrepreneurs