Business Exit Planning
Selling a Millwork Contractors Business
Is the economy still a little shaky for a business sale? Sure it is. Yet millwork contractors businesses continue to sell at a brisk pace, regardless of the economy.
Market timing is a perennial problem for business sellers.
If your exit strategy involves selling a millwork contractors business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Handling Unexpected Outcomes
If you're smart, you entered your millwork contractors business with a set of assumptions about what it would achieve. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Although you might think you're ready to exit your business, selling and separating from a millwork contractors business scan stir up a range of emotions. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your millwork contractors business stays in the family, and everyone is happy. Yeah, right. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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