Business Exit Planning
Selling a Music Festivals Business
Selling a music festivals business doesn't happen overnight. It takes a deliberate process to get top dollar for your company.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
In today's market, there is still plenty of room for music festivals businesses that demonstrate solid earning capacity and a robust market position.
Sweetening the Deal
Today's music festivals business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young music festivals business owner, they can be critical launching points for their ownership journey.
Sale Preparations for Your Music Festivals Business
Like it or not, a good business sale takes time. Successful music festivals business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your music festivals business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Signs You're in Over Your Head
It's not uncommon for the owners of small music festivals businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their music festivals businesses unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. If that occurs, it's time to bring in the professionals to get your sale back on track.
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