Business Exit Planning
Selling a Meditation Organizations Business
The sale of a meditation organizations business can be a difficult and trying process. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
Dire economic forecasts have forced many meditation organizations business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
In order to market a meditation organizations business these days, business sellers may need to apply a combination of incentives and techniques.
Selling Time
Hoping for a quick meditation organizations business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your meditation organizations business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your meditation organizations business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. 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 meditation organizations 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.
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