Sell a Business for the Best Price
Selling a Port Authorities Business
Your port authorities business has been good to you. The next step is to position your business for the demands of the business-for-sale marketplace.
Market timing is a perennial problem for business sellers.
However, serious buyers also understand the value of a good port authorities business. Financial statements and ROI are essential in converting modern port authorities business prospects into buyers.
Sale Documents
In a port authorities business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your port authorities business, your business brokers may or may not be willing to conduct negotiations for you. But although you will responsible for negotiating terms with buyers, you should never approach negotiations without support. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. You have invested yourself in making your port authorities business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
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