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Selling a Churches Business
Most businesses are susceptible to economic conditions and churches are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
Business buyers face their own set of frustrations and complications. Although there are plenty of entrepreneurs who want to buy a church, capital restrictions are holding them back.
Many business owners don't know that churches are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Post-Sale Details
As your churchsale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
Before You Sell
The upfront time you investment in the sale of your church will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
When to End Negotiations
If the devil is in the details, the negotiation stage of a church sale is the devil's playground. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. In a church sale, a stalled negotiation can be an indication that the deal is dead. If you are adequately prepared, you'll know what your bottom line is -- and if the buyer is unwilling to meet your bottom line requirements or if negotiations are stalled, it's time to step back from the negotiating table and re-evaluate your options.
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