Economic data is scary stuff for small business owners. But quarterly data dumps don't impact Bible church sales nearly as much as sale strategy.
(article continues below)
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a Bible church. We'll tell you what you need to know to achieve a successful sale outcome
Leveraging External Resources
Rarely, if ever, do owners sell a Bible church without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your Bible church, you can avoid painful tax and legal complications both before and after closing.
Preparing for What's Next
The decision to sell your Bible church can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. 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.
Pros & Cons of a Sale to an Employee
Although it may seem easier to sell your Bible church to an employee, this approach also has some pitfalls. A faithful employee may have the motivation and ability to continue to operate the business. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based Bible church sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Given your interest in exit planning and in Bible churches, you might find these additional resources to be of interest.
If you consider Bible churches to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our directory of exit planning guides below.