Niche Market Exit Planning Tips
Selling a Ballroom Rental Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet ballroom rental businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
The process of selling a ballroom rental business can be one of the most stressful experiences of your entrepreneurial career.
If your exit strategy involves selling a ballroom rental business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your ballroom rental business now, but that doesn't make the emotions you will experience any easier. We advise sellers to discuss their feelings with family members and close friends before, during and after the sale. 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.
Negotiation Teams
Even if you hire a business broker to facilitate the sale of your ballroom rental business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your ballroom rental business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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