Exit Planning Advice By Market
Selling an Adult Foster Care Business
Economic uncertainty influences the timing of many adult foster care 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 adult foster care business on the market.
Selling a adult foster care business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a adult foster care business.
Turning the Tables: Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for adult foster care business sellers. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell an adult foster care business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell an adult foster care business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
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