Business Exits By Industry
Selling a Correctional Institutions Business
Owning a correctional institutions business hasn't always been a bed of roses, but it's been worth the effort. The next step is to position your business for the demands of the business-for-sale marketplace.
You need to get a good price for your correctional institutions business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Too often correctional institutions business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Leveraging 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. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. 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.
Working with a Professional Accountant
Accountants come into play at several stages of the sale process. Before your correctional institutions business goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Dealing with Your Emotions
Coping with the emotions of a business sale can be difficult, even under the best of circumstances. You probably have good reasons for selling your correctional institutions business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
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