February 26, 2020  
 
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Selling a Company

 

Selling a Boat Restoration Business

We hear from a lot of business owners who are timid about listing their boat restoration business. Despite the mood of the market, we think there are still opportunities to receive a good price for your boat restoration business. Here's what you need to know . . .

The economy isn't the only thing that is uncertain these days. So are boat restoration business buyers, many of whom are waiting to pull the trigger on their next acquisition.
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However, serious buyers also understand the value of a good boat restoration business. So for boat restoration business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.

Sweetening the Deal

Today's boat restoration business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young boat restoration business owner, they can be critical launching points for their ownership journey.

Advertising Your Sale

Successful boat restoration business sales begin with a carefully planned advertising and promotional strategies. However, confidentiality and other concerns can present challenges, even for sales professionals. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing boat restoration business sales while maintaining the confidentiality that is critical to your business.

Sale Documents

In a boat restoration business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

Marketing a Boat Restoration Business

Selling Part of a Business

What Does a Business Broker Charge?

How To Choose An Investment Banker


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