Optimizing Business Exits
Selling a River Trips Business
Although a river trips business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
You'll always have an excuse for not putting your business on the market. Any river trips business can be sold at any time -- you just need to know how to influence the right buyers.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a river trips business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. However, the first step in good negotiating is to develop a sense of what you need to get out of the deal. A thorough understanding of sale price, possible concessions and other bottom line requirements gives you the ability to negotiate with confidence. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Sale Preparation Timeframes
There are no effective shortcuts for selling a river trips business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a river trips business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Leveraging External Resources
Rarely, if ever, do owners sell a river trips business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
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