Exit Planning Tips
Selling a Hotel and Motel Consultants Business
You've heard the naysayers - now isn't the time to sell a hotel and motel consultants business. But what they don't know is that many entrepreneurs see hotel and motel consultants businesses as a smart business investment.
When it comes to selling a hotel and motel consultants business, there are no shortcuts to success.
More than a few hotel and motel consultants business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. 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. Like seller concessions, buyer concessions should be addressed during negotiations, before the preparation of a Letter of Intent.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your hotel and motel consultants business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some hotel and motel consultants business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
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