Business Exits By Industry
Selling a Conference Business
It's a misconception that no one is buying conference businesses these days. Savvy entrepreneurs see conference business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
The business-for-sale market is extremely dynamic. That's why we think it's important for conference business owners to know that it's possible to sell a business in any economy. To improve sale outcomes, you will simply need to tailor your conference business to today's buyers.
Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your conference 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.
Average Timeframes
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their conference business. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. To adequately prepare your business listing, plan on spending six months to a year prior to listing. In a good market, an attractive conference business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
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