Intimidated by a sluggish economy, business buyers are more cautious than ever.
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But sooner or later, all good things must come to an end. And when that day arrives, you need to know how to sell your asbestos training firm in a way that achieves positive outcomes for you and the business.
Current Market Conditions
No one plans to sell an asbestos training firm in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. 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. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your asbestos training firm as attractive as possible so to buyers right now.
In an asbestos training firm 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.
Pros & Cons of a Sale to an Employee
Although it may seem easier to sell your asbestos training firm to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your asbestos training firm, a sale to an employee is probably not a possibility.
Given your interest in exit planning and in asbestos training firms, you might find these additional resources to be of interest.
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