Exit Planning Advice By Market
Selling an Art Casting Business
The sale of an art casting business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Cutting corners never pays off, especially in the sale of an art casting business.
Despite the conventional wisdom, we believe current economic conditions are right for selling an art casting business. With the right information and strategy, you could be well on your way to a successful sale
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.
Preparing Family Members
Many sellers embarked on their art casting business sale without adequately considering the impact it will have on their families. 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. To keep the family intact, the sale of an art casting business has to include ample communication and shared decision-making.
Broker vs. No Broker
When selling an art casting business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your art casting business sits on the market. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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