Exit Planning Techniques By Market
Selling a Fishing Business
A lot can go wrong during the sale of a fishing business in today's economy. We'll tell you how to keep your sale and your future plans on track.
In a down economy, many fishing business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of fishing businesses that are actually for sale.
The good news is that ambitious entrepreneurs continue to see fishing businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized fishing business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of a fishing business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
When Is the Right Time to Sell?
When is it the right time to sell your fishing business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling fishing business sellers (or would-be sellers) to take a wait and see approach. At Gaebler, we have a much more optimistic view of your chances in the fishing business-for-sale market. The inventory of what we consider to be quality fishing businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Share this article
Additional Resources for Entrepreneurs