Business Exit Planning
Selling a Mobile Home Financing Business
You've learned a lot during your tenure as a mobile home financing business owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Personal and professional concerns surround the sale of a mobile home financing business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your mobile home financing business a success.
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.
Selling a Mobile Home Financing Business to an Employee
Employee sales have pros and cons. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Finding Prospects
Whether you know it or not, prospective buyers for your mobile home financing business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Sale Documents
In a mobile home financing business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. 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 mobile home financing business may be a waste of time.
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