October 17, 2019  
 
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Selling a Company

 

Selling a Private Club

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

In a down economy, many private club sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of private clubs that are actually for sale.
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In order to market a private club now, sellers need to make a strong case for buyers to purchase at or near the asking price.

Selecting a Broker

Good business brokers inevitably produce better business sales. In the private club industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling private clubs.

How to Skillfully Address Buyer Concerns

Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions private club ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.

Finding Prospects

Whether you know it or not, prospective buyers for your private club are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. 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.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in private clubs, you might find these additional resources to be of interest.

Marketing a Private Club

How To Choose An Investment Banker

Five Tips for Maximizing Your Business Sale Price

Pros and Cons of Using Business Brokers


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Do you have any tips on selling private clubs? If so, we'd love to hear from you!


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