Sell a Business for the Best Price
Selling a Passenger Railroads Business
In any market, there are sellers and then there are serious sellers. We'll give you the tools you need to be taken seriously when you decide to sell your passenger railroads business.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
Many business owners don't know that passenger railroads businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. 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.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your passenger railroads business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your passenger railroads business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
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