Sell a Business for the Best Price
Selling a Picture Rental Business
Your picture rental business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. Now it's time to put that same kind of focus into selling it.
You won't find any magic formulas for selling a picture rental business, especially while the market is struggling to overcome the perceptions created by a down economy.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your picture rental business.
Why Confidentiality Matters
Highly publicized picture rental business sales are risky picture rental businesssales. If you are rigorous about maintaining a confidential sale, there is little risk in putting your picture rental business on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your picture rental business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Average Timeframes
It's rarely possible to sell a picture rental business in a month or two. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. To adequately prepare your business listing, plan on spending six months to a year prior to listing. In a good market, an attractive picture rental business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
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