Niche Exit Planning Tactics
Selling a Wedding Chapel
No one said selling your business in a depressed economy would be easy. But selling your wedding chapel doesn't have to be as daunting as it sounds.
Dire economic forecasts have forced many wedding chapel sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
The economy hasn't squashed the market for wedding chapels. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based wedding chapel sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. 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.
Sale Documents
In a wedding chapel sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . 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.
Pre-Sale Checklist
The upfront time you investment in the sale of your wedding chapel will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
Share this article
Additional Resources for Entrepreneurs