Exit Planning Tips
Selling a Hotels Business
Unfortunately, many sellers are waiting to list their hotels businesses until the economy fully rebounds. We think that's a mistake because for the right buyers, hotels businesses are a great investment.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Undaunted by economic conditions, many hotels business sellers are achieving their sale goals through deliberate sale strategies.
Preparing Family Members
Many sellers embarked on their hotels business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a hotels business has to include ample communication and shared decision-making.
The Best Person to Sell Your Hotels Business
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your hotels business in the business-for-sale marketplace. But your knowledge and personal insights about the hotels business are also the problem. Business owners are subjective and biased about their company's true worth. Business brokers and other third-party consultants bring objectivity to the sale process and give you much-needed insight about buyers' mindsets.
Equipment and Inventory Concerns
Buyers typically perform an independent appraisal of your hotels business's real assets. But you'll need to commission your own appraisal before you put your hotels business on the market to arm yourself with information for the negotiation phase. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your hotels business.
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