The buzz in the marketplace is that now isn't the right time to sell an armature sales and service business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
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Too often armature sales and service business sellers sell for a price that is well below market value. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to 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 armature sales and service business 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. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Preparing Your Armature Sales & Service Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Successful armature sales and service business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your armature sales and service business, the amount of preparation you perform will have direct correlation on asking and sale prices. It is especially helpful if your financial reports can demonstrate a multiyear growth trend for potential buyers.
Selecting a Broker
Good business brokers inevitably produce better business sales. No two armature sales and service business sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. As a practical matter, you'll also want to focus your search on brokers who have pre-existing relationships with attorneys, appraisers, and other professionals who can provide assistance at various stages of the process.
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