Sell a Business for the Best Price
Selling a Private Club
No one said selling your business in a depressed economy would be easy. Fortunately, a private club sale isn't as scary as it seems.
In a down economy, many private club sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of private clubs that are actually for sale.
In order to market a private club now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the private club industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling private clubs.
How to Skillfully Address Buyer Concerns
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions private club ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
Finding Prospects
Whether you know it or not, prospective buyers for your private club are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. 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.
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