Sell a Business Tips
Selling a Stakes Business
At first glance, an unstable economy would seem to be an unfriendly atmosphere for a stakes business sale. Don't be deterred by economic uncertainty. There are plenty of reasons why this is the right time to put your stakes business on the market.
Dire economic forecasts have forced many stakes business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
The economy hasn't squashed the market for stakes businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Preparing Family Members
Many sellers embarked on their stakes business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your stakes business has been an important part of your family life. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. To keep the family intact, the sale of a stakes business has to include ample communication and shared decision-making.
When to End Negotiations
If the devil is in the details, the negotiation stage of a stakes business sale is the devil's playground. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. A lull in negotiations may be part of the buyer's strategy. Then again, it may be a sign that the search for common ground is a lost cause. If you are adequately prepared, you'll know what your bottom line is -- and if the buyer is unwilling to meet your bottom line requirements or if negotiations are stalled, it's time to step back from the negotiating table and re-evaluate your options.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your stakes business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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