Niche Market Exit Planning Tips
Selling a Bartending Instruction Business
No one said selling your business in a depressed economy would be easy. Fortunately, a bartending school sale isn't as scary as it seems.
The decision to sell a bartending school is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
Market timing is a constantly moving target. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a bartending school sale. You just need to know your buyers and structure the deal accordingly.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized bartending school buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Many sellers don't realize how many prospective buyers there are for their businesses. Although some bartending school sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
As your bartending schoolsale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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