Despite your best intentions, great business sales don't happen overnight.
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Many business owners don't know that landlord service bureaus businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Tips for Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized landlord service bureaus business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
In a landlord service bureaus business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. 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.
Preparing Family Members
Many sellers embarked on their landlord service bureaus business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the landlord service bureaus business. The sale of the business will likely result in new family dynamics. Subsequently, selling a landlord service bureaus business has to include ample communication and shared decision-making.
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