Smart Exit Planning Strategies for Niche Markets
Selling a Go Karts Business
We hear from a lot of business owners who are timid about listing their go karts business. Despite the mood of the market, we think there are still opportunities to receive a good price for your go karts business. Here's what you need to know . . .
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
You'll always have an excuse for not putting your business on the market. Selling a go karts business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. You have invested yourself in making your go karts business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
The Best Person to Sell Your Go Karts Business
As the owner, you are both the best and worst person to sell your go karts business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your go karts business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the go karts business to gain an objective sense of fair market value.
Turning the Tables: Buyer Concessions
Most go karts business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. 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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