Selling a Company Advice
Selling a Used Steel Business
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a used steel business sale isn't as scary as it seems.
An assortment of hurdles and obstacles stand between you and the successful sale of your used steel business.
Despite the conventional wisdom, we believe current economic conditions are right for selling a used steel business. With the right information and strategy, you could be well on your way to a successful sale
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your used steel business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
When the Sale Goes Off-Course
Many used steel business are tempted to save brokerage fees by selling their businesses on their own. Without brokerage, the risk of your sale going off-course is increased. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. Hire a broker and conduct a professional appraisal ASAP.
What About Market Conditions?
No one plans to sell a used steel business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your used steel business as attractive as possible so to buyers right now.
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