Business Exit Planning

Selling a Marine Documentation Business

No one said selling your business in a depressed economy would be easy. Fortunately, a marine documentation business sale isn't as scary as it seems.

When it comes to selling a marine documentation business, there are no shortcuts to success.

Despite the conventional wisdom, we believe current economic conditions are right for selling a marine documentation business. Here's how to do it . . .

Legal Considerations

It pays to invest in first-rate legal counsel when you sell a marine documentation business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.

When to End Negotiations

Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a marine documentation business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.

How to Identify Prospective Buyers

Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.

Share this article


Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary