Selling a lake resort? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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The economy hasn't squashed the market for lake resorts. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Think a lake resort sale is simple? Think again. Interest rates, spending, inflation, and other variables directly influence how long your lake resort will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. Rather than watching the economy, we recommend watching buyers and tailoring your business to meet their investment expectations. In our experience, the most important factors in the sale of a lake resort have little to do with the economy.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your lake resort goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
How to Skillfully Address Buyer Concerns
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. If due diligence drags on too long, your broker may need to intervene.
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