Business Exit Planning
Selling a Marine Coatings Business
Looking for shortcuts? You won't find them when you sell a marine coatings business. In this industry, a business sale takes time, effort and dedication. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Dire economic forecasts have forced many marine coatings business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a marine coatings business.
Should I Hire a Business Broker?
When selling a marine coatings business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your marine coatings business much less painful. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered marine coatings business sale.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based marine coatings business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
When Is the Right Time to Sell?
When is it the right time to sell your marine coatings business? If you're asking the question, now may be the time to put your business on the market. Opinions are mixed and some consultants are advising marine coatings business sellers (or would-be sellers) to take a wait and see approach. At Gaebler, we have a much more optimistic view of your chances in the marine coatings business-for-sale market. The inventory of what we consider to be quality marine coatings businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
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