Dire economic forecasts have forced many apartment house supply business 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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Does that mean selling your apartment house supply business will be a piece of cake? No -- but you might be surprised to learn that the apartment house supply businesses that are selling these days are finding success though simple, common sense selling strategies.
When you made the decision to sell your apartment house supply business, you had a specific set of outcomes in mind. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your apartment house supply business. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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 an apartment house supply business should allow opportunities for all family members to share their feelings and offer input about the sale process.
Given your interest in exit planning and in apartment house supply businesses, you might find these additional resources to be of interest.
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