Business Exit Planning
Selling a Marine Propulsion Systems Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the marine propulsion systems business market has been exceptionally volatile. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a marine propulsion systems business during challenging economic times.
When the economy recovers, we expect to see a sudden influx of marine propulsion systems businesses in the business-for-sale marketplace. Although these companies have been for sale, their owners have resisted listing them until a better economy materializes.
They require careful planning and an intentional strategy that emphasizes your marine propulsion systems business's strengths and meets the needs of the marketplace. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a marine propulsion systems business that languishes on the market for months or even years. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a marine propulsion systems business can translate into a dead deal. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Leveraging Industry Connections
There are a lot of different places to look for marine propulsion systems business buyers. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
Preparing for What's Next
So you've decided to sell your marine propulsion systems business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your marine propulsion systems business. We frequently encounter business sellers who haven't thought enough about their futures to know whether certain concessions (e.g seller financing) are a real possibility. As a result, they make bad decisions during the sale and experience less-than-optimal outcomes.
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