Sell a Business for the Best Price
Selling a Portrait Painting Business
Most businesses are susceptible to economic conditions and portrait painting businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
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 portrait painting business.
You'll always have an excuse for not putting your business on the market. Any portrait painting business can be sold at any time -- you just need to know how to influence the right buyers.
How to Identify Prospective Buyers
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.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of a portrait painting business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your portrait painting business, you can avoid painful tax and legal complications both before and after closing.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based portrait painting business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
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