Business Exit Planning
Selling a Marine Upholstery Commercial and Industrial Business
Don't believe anyone who tells you it's easy to sell a marine upholstery commercial and industrial business. A lot of things need to happen before you can successfully exit your business. We'll tell you how to thrive in the middle of it and get top dollar for your company.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
Too often marine upholstery commercial and industrial business sellers fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Brokerage Benefits
Brokers give marine upholstery commercial and industrial business sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Why Confidentiality Matters
Confidentiality determines risk in the business-for-sale marketplace. If you are rigorous about maintaining a confidential sale, there is little risk in putting your marine upholstery commercial and industrial business on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Preparing for What's Next
What will happen if your marine upholstery commercial and industrial business is a success? If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
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