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Selling a Credit and Charge Plans Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet credit and charge plans businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
Market timing is a constantly moving target. So if you're waiting for the perfect market conditions to sell your credit and charge plans business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. To improve sale outcomes, you will simply need to tailor your credit and charge plans business to today's buyers.
When to End Negotiations
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. It's not unusual for a credit and charge plans business sale negotiation to reach an impasse over price or other concessions. Since it can be difficult to tell whether the buyer is serious or playing games, it's important to know the lower boundaries of your negotiation strategy and be willing to walk away from the negotiation table, if necessary.
Timing the Market
Now may be the best time to sell a credit and charge plans business. Although the economy is generally struggling, low interest rates make credit and charge plans businesses more attractive to entrepreneurs who want to get in the game. Sooner or later, rates will rise, increasing the risk for prospective buyers of credit and charge plans businesses. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. A professional audit can ease buyer concerns and amp up the value of your financial presentation. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
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