Business Exit Planning
Selling a Manholes and Manhole Covers Business
Owning a manholes and manhole covers business hasn't always been a bed of roses, but it's been worth the effort. The next step is to position your business for the demands of the business-for-sale marketplace.
A business exit is always a trying experience. But when you need to sell your manholes and manhole covers business in a depressed economy, the challenges can seem insurmountable.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your manholes and manhole covers business.
Dealing with Your Emotions
There is no easy way to say goodbye to your business. You probably have good reasons for selling your manholes and manhole covers business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Handling Unexpected Outcomes
If you're smart, you entered your manholes and manhole covers business with a set of assumptions about what it would achieve. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your manholes and manhole covers business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a manholes and manhole covers business that languishes on the market for months or even years. Not surprisingly, seller financing is routinely requested by today's buyers. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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