You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a balloon decorations business.
(article continues below)
If you're ready to move on, now is the right time to sell your balloon decorations business.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. It's likely that non-serious buyers will want to know everything about your balloon decorations business during their initial inquires. Avoid releasing details about your balloon decorations business until you have established that they have the financial capacity to make a legitimate offer.
There is no way around the requirement to hire professional legal assistance when you sell your balloon decorations 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. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Sale Preparation Timeframes
Preparing a balloon decorations business sale takes time. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey balloon decorations business operation. Since all of this takes time and effort, a balloon decorations business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Given your interest in exit planning and in balloon decorations businesses, you might find these additional resources to be of interest.
If starting a balloon decorations business is on your agenda, these guides will help you get started:
If you consider balloon decorations businesses to be sales prospects, there's more applicable information for you elsewhere on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our directory of exit planning guides below.