Dire economic forecasts have forced many wastewater treatment engineering firm sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
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You'll always have an excuse for not putting your business on the market. Any wastewater treatment engineering firm can be sold at any time -- you just need to know how to influence the right buyers.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based wastewater treatment engineering firm sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a wastewater treatment engineering firm without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a wastewater treatment engineering firm has to include ample communication and shared decision-making.
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