Exit Planning Tips
Selling a Hot Air Balloon Rides and Rental Business
Economic uncertainty influences the timing of many hot air balloon rides and rental business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your hot air balloon rides and rental business on the market.
With planning and patience, most hot air balloon rides and rental businesses can be sold for a fair price in the current business-for-sale marketplace.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
The Case for Confidentiality
In the business-for-sale universe, publicity translates into risk. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Maintaining confidentiality isn't easy, but without it you won't get top dollar for your business. In a worse case scenario, a profitable hot air balloon rides and rental business can be reduced to one that is struggling to survive. We recommend consulting a business broker to learn how you can simultaneously identify prospective buyers and maintain a confidential sale environment.
Sale Documents
In a hot air balloon rides and rental business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . By the time the deal reaches the final contract, many of its features are set in stone. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Average Timeframes
Hoping for a quick hot air balloon rides and rental business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your hot air balloon rides and rental business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Share this article
Additional Resources for Entrepreneurs