Business Exit Planning
Selling a Marine Pilots Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet marine pilots businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
It's a fact: Successful business sales take time.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a marine pilots business.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the marine pilots business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Finding Prospects
Still looking for prospective buyers for your business? You probably already know several parties with an interest in acquiring your company. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. 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.
Should I Hire a Business Broker?
Anyone who has ever sold a marine pilots business has eventually needed to decide whether to use a business broker or go it alone. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a marine pilots business. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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