Business Exit Planning
Selling a Marine Upholstery Business
Is the economy still a little shaky for a business sale? Sure it is. Yet marine upholstery businesses continue to sell at a brisk pace, regardless of the economy.
It's a fact: Successful business sales take time.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Tips for Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized marine upholstery business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a marine upholstery business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Solo sellers usually find that it's simply too much to sell their business and lead it at the same time. Subsequently, they settle for less than the business's potential sale price. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their marine upholstery businesses.
Current Market Conditions
No one plans to sell a marine upholstery business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your marine upholstery business as attractive as possible so to buyers right now.
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