Exit Planning Tips
Selling a Historical Places and Services Business
The decision to sell your historical places and services business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
However, serious buyers also understand the value of a good historical places and services business. So for historical places and services business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your historical places and services business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
When to End Negotiations
Negotiations have a way of dragging on forever. Yet eventually many negotiations reach a stage where further discussion is pointless. In a historical places and services business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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