Sell a Business Tips
Selling a Sprinkler Supervisory Service Business
Economic uncertainty influences the timing of many sprinkler supervisory service business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your sprinkler supervisory service business on the market.
Selling a sprinkler supervisory service business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
Too often sprinkler supervisory service business sellers cave under the pressure and settle for a lower sales price than they should. With the right strategy, your sale doesn't have to end that way.
Legal Concerns
We run into a lot of sprinkler supervisory service business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Maintaining Objectivity
For most owners, the hardest part of selling a sprinkler supervisory service business is remaining objective. Sellers typically overvalue their companies compared to the rest of the marketplace. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Share this article
Additional Resources for Entrepreneurs