Exit Planning Techniques By Market
Selling a Fireplace and Chimney Contractors Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet fireplace and chimney contractors 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.
More than a few fireplace and chimney contractors business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a fireplace and chimney contractors business has to include ample communication and shared decision-making.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions fireplace and chimney contractors business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
Sale Costs
In a fireplace and chimney contractors business sale, pricing is based on a number of factors, including the costs incurred during the sale. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Professional consultations can also represent a significant expense during the course of a fireplace and chimney contractors business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Share this article
Additional Resources for Entrepreneurs