Exit Planning Advice By Market
Selling an Accommodations Business
The decision to sell your accommodations business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
These days, the prospect of selling an accommodations business is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to accommodations businesses that exhibit strong financials and potential for future growth.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. The decision to sell an accommodations business has to include ample communication and shared decision-making.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the accommodations business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling accommodations businesses.
When to End Negotiations
If the devil is in the details, the negotiation stage of an accommodations 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. In an accommodations business sale, a stalled negotiation can be an indication that the deal is dead. 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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