Niche Exit Planning Strategies
Selling a Drum Corps Business
Many business leaders say that now isn't the time to try to sell a drum corps business. At Gaebler, we think it's a great time to sell a drum corps business. Here's why . . ..
The decision to sell a drum corps 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 drum corps business. We'll tell you what you need to know to achieve a successful sale outcome
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
Preparing Family Members
Many sellers embarked on their drum corps business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your drum corps business has been an important part of your family life. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a drum corps business has to include ample communication and shared decision-making.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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