Niche Market Exit Planning Tips
Selling a Boiler Inspection Business
A good business is about more than dollars and sense. To make your boiler inspection business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Selling a boiler inspection business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
If you're ready to move on, now is the right time to sell your boiler inspection business.
Family Issues
Many sellers embarked on their boiler inspection business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the boiler inspection business. The sale of the business will likely result in new family dynamics. Subsequently, selling a boiler inspection business has to include ample communication and shared decision-making.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your boiler inspection business stays in the family, and everyone is happy. Yeah, right. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Sale Costs
In a boiler inspection business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a boiler inspection business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
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