Exit Planning Advice By Market
Selling an Arts Organizations
Think arts organizations sales have dwindled to a standstill? Think again. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
You need to get a good price for your arts organizations. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Despite the conventional wisdom, we believe current economic conditions are right for selling an arts organizations. We'll tell you what you need to know to achieve a successful sale outcome
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your arts organizations now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling an arts organizations to an employee. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Seller financing is one way to get around the capital deficit of an employee-based arts organizations sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of an arts organizations. Although it's wise to recruit a business broker, brokerage isn't your only concern. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
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