Exit Planning Tips
Selling a Hang Gliding Business
Is the economy still a little shaky for a business sale? Sure it is. Yet hang gliding businesses haven't heard the news and are reporting steady action on the business-for-sale market.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a hang gliding business.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to hang gliding businesses that exhibit strong financials and potential for future growth.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Broker vs. No Broker
When selling a hang gliding business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your hang gliding business sits on the market. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Sale Preparation Timeframes
There are no effective shortcuts for selling a hang gliding business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your hang gliding business sale, it's going to take at least six months to prepare your business. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
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