Business Exit Planning
Selling a Museums Business
Planning and execution can dramatically influence the price you receive for your museums business.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a museums business.
But sooner or later, all good things must come to an end. And when that day arrives, you need to know how to sell your museums business in a way that achieves positive outcomes for you and the business.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your museums business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. In a museums business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
Tips for Working with A Business Broker
Many sellers employ business brokers to manage the details and direction of their sale. Brokerage is particularly common in the museums business-for-sale market, where aggressive selling strategies are the norm. Brokerage doesn't replace the seller's requirement to be involved in the sale; it augments the seller's efforts and creates a more seamless sale process. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.
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