Exit Planning Tips
Selling a Historical Preservation and Restoration Service
No one said selling your business in a depressed economy would be easy. Fortunately, a historical preservation and restoration service sale isn't as scary as it seems.
The process of selling a historical preservation and restoration service can be one of the most stressful experiences of your entrepreneurial career.
The economy hasn't squashed the market for historical preservation and restoration services. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Sweetening the Deal
Today's historical preservation and restoration service buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. If you aren't familiar with typical historical preservation and restoration service concessions, consult with a professional to learn how you can build incentives into your deal.
Sale Documents
We run into a lot of historical preservation and restoration service sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for historical preservation and restoration service sellers. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your historical preservation and restoration service as attractive as possible so to buyers right now.
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