Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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But they're also savvy enough to know a good deal when they see it. So for Basque restaurant sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Objectivity is a rare commodity in a business sale. Sellers typically overvalue their companies compared to the rest of the marketplace. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
It's incumbent on buyers to commission their own appraisal of your Basque restaurant's physical assets. Your appraisal should occur before you put your business on the market. A pre-sale appraisal is a prerequisite for because it offers insights about your assets' market value before you initiate conversations with prospective buyers. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your Basque restaurant.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Before your Basque restaurant goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Ready to learn more? You may find these additional resources to be of interest.
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