Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a linen supply services business sale works.
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If you're ready to move on, now is the right time to sell your linen supply services business.
Even if you hire a business broker to facilitate the sale of your linen supply services business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Whether you realize it or not, your linen supply services business has been an important part of your family life. The sale of the business will likely result in new family dynamics. Subsequently, selling a linen supply services business often begins with a family conversation and a mutual decision to move on the next stage of life.
Broker vs. No Broker
When selling a linen supply services business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a linen supply services business. A highly skilled broker can compensate for his commission by selling your business for a significantly higher price than you could achieve on your own. But whether you use a broker or not, you may want to list your linen supply services business on BizBuySell.com and other popular online business-for-sale listing sites.
Given your interest in exit planning and in linen supply services businesses, you might find these additional resources to be of interest.
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