Selling a Business Advice
Selling an Insurance Consultants and Advisors Business
Your insurance consultants and advisors business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
We hear it all the time: "I'm waiting until the economy recovers to list my business."
They require careful planning and an intentional strategy that emphasizes your insurance consultants and advisors business's strengths and meets the needs of the marketplace. But for business sellers, the process begins with having the right mental attitude.
Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized insurance consultants and advisors business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. It's common for sellers to finance as much as 70% of the purchase price with a payoff period of four or five years, sometimes in the form of a balloon payment at the end of the repayment period.
Moving On
The decision to sell your insurance consultants and advisors business can't be made without adequate consideration of what will happen after the sale. Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your insurance consultants and advisors business. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Legal Considerations
There is no way around the requirement to hire professional legal assistance when you sell your insurance consultants and advisors business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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