Sell a Business Tips
Selling a Space Planning Business
Many business leaders say that now isn't the time to try to sell a space planning business. At Gaebler, we think it's a great time to sell a space planning business. Here's why . . ..
The space planning business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
The good news is that ambitious entrepreneurs continue to see space planning businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Should I Hire a Business Broker?
When selling a space planning business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your space planning business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Selling Time
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their space planning business. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Identifying Serious Buyers
Many prospective buyers will have a strong desire to acquire your space planning business. The bad news is that they will lack the financial capacity to close the deal. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. If you aren't sure what to look for in a serious buyer, ask your broker for advice. It's likely that non-serious buyers will want to know everything about your space planning business during their initial inquires. Avoid releasing details about your space planning business until you have established that they have the financial capacity to make a legitimate offer.
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