Advice on Niche Market Exit Planning
Selling a Tile Floor Contractors Business
Most businesses are susceptible to economic conditions and tile floor contractors businesses are no exception. But in some cases, a down economy can actually improve saleability. 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.
If you're ready to move on, now is the right time to sell your tile floor contractors business.
Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
Legal Considerations
There is no way around the requirement to hire professional legal assistance when you sell your tile floor contractors business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
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