Niche Market Exit Planning Tips
Selling a Ball Joint Business
No one said selling your business in a depressed economy would be easy. But selling your ball joints business doesn't have to be as daunting as it sounds.
In a down economy, many ball joints business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of ball joints businesses that are actually for sale.
Too often ball joints business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Sale Preparations for Your Ball Joint Business
The outcome of a business sale is largely determined prior to a market listing. Successful ball joints business sales opportunities leverage a long-term strategy to increase the value of the business to buyers. Even though it may take years to adequately position your ball joints business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
It's obvious that you're going to need to hire an attorney to finalize the sale of your ball joints business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Most ball joints business sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. 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.
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