Business Exits By Industry
Selling a Condominium and Townhouse Management Business
Many business leaders say that now isn't the time to try to sell a condominium and townhouse management business. Don't be deterred by economic uncertainty. There are plenty of reasons why this is the right time to put your condominium and townhouse management business on the market.
The decision to sell a condominium and townhouse management business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a condominium and townhouse management business. We'll tell you what you need to know to achieve a successful sale outcome
Sale Costs
In a condominium and townhouse management business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a condominium and townhouse management business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Finding Prospects
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Share this article
Additional Resources for Entrepreneurs