Optimizing Business Exits
Selling a Residential Jukeboxes Business
Economic uncertainty influences the timing of many residential jukeboxes business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your residential jukeboxes business on the market.
The economy isn't the only thing that is uncertain these days. So are residential jukeboxes business buyers, many of whom are waiting to pull the trigger on their next acquisition.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a residential jukeboxes business. Here's how to do it . . .
Selling a Residential Jukeboxes Business to an Employee
Although it may seem easier to sell your residential jukeboxes business to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
How to Increase Sale Price
There are no simple ways to sell a residential jukeboxes business. If you don't know what you're doing, your business could languish on the market for months or even years. A business broker handles much of the legwork involved in the sale. Solo sellers usually find that it's simply too much to sell their business and lead it at the same time. Subsequently, they settle for less than the business's potential sale price. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their residential jukeboxes businesses.
Preparing Family Members
You're ready to sell your residential jukeboxes business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a residential jukeboxes business has to include ample communication and shared decision-making.
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