Optimizing Business Exits
Selling a Real Estate Auctioneer Business
No one said selling your business in a depressed economy would be easy. Fortunately, a real estate auctioneer business sale isn't as scary as it seems.
Personal and professional concerns surround the sale of a real estate auctioneer business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your real estate auctioneer business a success.
Too often real estate auctioneer business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Sale Documents
We run into a lot of real estate auctioneer business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . 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.
Preparing Family Members
Many sellers embarked on their real estate auctioneer business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the real estate auctioneer business. The sale of the business will likely result in new family dynamics. Subsequently, selling a real estate auctioneer business has to include ample communication and shared decision-making.
When to End Negotiations
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a real estate auctioneer business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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