Business Exit Planning
Selling a Marine Electronics Service and Repair Business
The decision to sell your marine electronics service and repair 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.
The economy isn't the only thing that is uncertain these days. So are marine electronics service and repair business buyers, many of whom are waiting to pull the trigger on their next acquisition.
To sell a marine electronics service and repair business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Timing the Market
Now may be the best time to sell a marine electronics service and repair business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on marine electronics service and repair businesses. When the economy recovers there will be more marine electronics service and repair business buyers on the market, but higher interest rates could present challenges. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your marine electronics service and repair business stays in the family, and everyone is happy. Yeah, right. 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. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Are You the Right Person to Sell Your 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 marine electronics service and repair business in the business-for-sale marketplace. But your knowledge and personal insights about the marine electronics service and repair business are also the problem. You see your company's potential. But buyers don't pay for potential - they pay for current market value. At a minimum, conduct an independent appraisal of the marine electronics service and repair business to gain an objective sense of fair market value.
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