Niche Exit Planning Tactics
Selling a Water Skiing Business
Don't believe anyone who tells you it's easy to sell a water skiing business. A lot of things need to happen before you can successfully exit your business. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a water skiing business.
Most water skiing businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Preparing Family Members
Many sellers embarked on their water skiing 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. The decision to sell a water skiing business has to include ample communication and shared decision-making.
Leveraging 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. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Legal Concerns
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
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