Mastering Niche Market Exit Planning
Selling a Navigation and Marine School
The decision to sell your navigation and marine instruction school isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
If you're ready to move on, now is the right time to sell your navigation and marine instruction school.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your navigation and marine instruction school 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. 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.
How to Skillfully Address Buyer Concerns
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your navigation and marine instruction school. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your navigation and marine instruction school more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
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