Business Exit Planning
Selling a Musical Instruments Service and Repair Business
You've learned a lot during your tenure as a musical instruments service and repair business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
To sell a musical instruments service and repair business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Sometimes, sellers need to readjust their expectations to accommodate market realties. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Preparing for What's Next
The decision to sell your musical instruments service and repair business can't be made without adequate consideration of what will happen after the sale. Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your musical instruments service and repair business. We frequently encounter business sellers who haven't thought enough about their futures to know whether certain concessions (e.g seller financing) are a real possibility. As a result, they make bad decisions during the sale and experience less-than-optimal outcomes.
Buyer Concessions
Most musical instruments service and repair business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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