Niche Market Exit Planning Tips

Selling a Barn Business

No one said selling your business in a depressed economy would be easy. Although it's going to take some work, there is a good chance you can still sell your company at or even above fair market value.

The process of selling a barn business can be one of the most stressful experiences of your entrepreneurial career.

There are many factors involved with the decision to sell a business. That's why we think it's important for barn business owners to know that it's possible to sell a business in any economy. The key is to go into the sale with your eyes open and with complete awareness of market condition.

Broker vs. No Broker

When selling a barn business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. 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 barn business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.

Average Timeframes

Hoping for a quick barn business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your barn business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive barn business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.

Negotiation Teams

Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your barn business, your business brokers may or may not be willing to conduct negotiations for you. But although you will responsible for negotiating terms with buyers, you should never approach negotiations without support. Good negotiation teams support sellers, giving them insight and advice about how to overcome buyer objections and drive the process forward to a successful conclusion.

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