Business Exit Planning
Selling a Mortuaries Business
We hear from a lot of business owners who are timid about listing their mortuaries business. Despite the mood of the market, we think there are still opportunities to receive a good price for your mortuaries business. Here's what you need to know . . .
With planning and patience, most mortuaries businesses can be sold for a fair price in the current business-for-sale marketplace.
Qualified buyers are constantly looking for attractive mortuaries businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . 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 mortuaries business may be a waste of time.
Buyer Identification
Qualified mortuaries business buyers come from a range of sources and backgrounds. To cover all your bases, you'll need to conduct a broad buyer search process. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Timing Your mortuaries business Sale
When is it the right time to sell your mortuaries business? If you're asking the question, now may be the time to put your business on the market. Opinions are mixed and some consultants are advising mortuaries business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the mortuaries business marketplace. With fewer mortuaries businesses on the market, there are ample opportunities for sellers to capture the attention of qualified buyers.
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