Business Exit Planning
Selling a Mini and Self Storage Warehouses Business
There are no guarantees when you sell a mini and self storage warehouses business. But our tips will equip you with the information you need to increase the likelihood of a successful sales outcome.
Selling a mini and self storage warehouses business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
Too often mini and self storage warehouses business owners cave under the pressure and settle for a lower sales price than they should. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a mini and self storage warehouses business has to include ample communication and shared decision-making.
Sale Documents
We run into a lot of mini and self storage warehouses business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . By the time the deal reaches the final contract, many of its features are set in stone. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your mini and self storage warehouses business may be a waste of time.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. The questions mini and self storage warehouses business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. If due diligence drags on too long, your broker may need to intervene.
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