Selling a Business Advice
Selling an Interior Finish Out Contractors Business
Your interior finish out contractors business has been good to you. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Are most buyers timid about buying an interior finish out contractors business in today's economic environment? You bet.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your interior finish out contractors business can be sold at or above fair market value right now.
Sale Costs
The calculation of your asking price should include a buffer to cover the expense of the sale process. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of an interior finish out contractors business sale. If you need to compensate employees to assist with the sale, their services should also be considered.
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. In an interior finish out contractors 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.
Realistic Expectations
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
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