Business Exit Planning
Selling a Marine Salvage Business
You've learned a lot during your tenure as a marine salvage business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
If you're ready to move on, now is the right time to sell your marine salvage business.
Finding Marine Salvage Business Buyers
It's difficult to predict where the buyer of your marine salvage business will come from. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their marine salvage businesses in multiple channels. Networking is another useful tool in locating buyers. It might surprise you to learn how many marine salvage business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Sale Costs
In a marine salvage business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a marine salvage business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Realistic Expectations
For most owners, the hardest part of selling a marine salvage business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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