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Selling a Sponges Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet sponges businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Preparing Family Members
Many sellers embarked on their sponges business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the sponges business. The sale of the business will likely result in new family dynamics. Subsequently, selling a sponges business has to include ample communication and shared decision-making.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your sponges business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Post-Sale Details
As your sponges businesssale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
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