Exit Planning Tips
Selling a Horse Care and Management Business
You've heard the naysayers - now isn't the time to sell a horse care and management business. But what they don't know is that many entrepreneurs see horse care and management businesses as a smart business investment.
The decision to sell a horse care and management business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a horse care and management business.
Current Market Conditions
No one plans to sell a horse care and management business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. But when the economy fully rebounds, a shadow inventory of horse care and management businesses will flood the market and drive prices down even further. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell a horse care and management business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your horse care and management business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. Information is the key to a great horse care and management business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
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