Exit Planning Strategies
Selling a Video Game Equipment and Supplies Business
No one said selling your business in a depressed economy would be easy. Fortunately, a video game equipment and supplies business sale isn't as scary as it seems.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Growth-minded entrepreneurs also find an appealing video game equipment and supplies business hard to pass up. Financial statements and ROI are essential in converting modern video game equipment and supplies business prospects into buyers.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Family Issues
Many sellers embarked on their video game equipment and supplies business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a video game equipment and supplies business should allow opportunities for all family members to share their feelings and offer input about the sale process.
When to End Negotiations
Negotiations have a way of dragging on forever. 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. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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