Niche Market Exit Planning Tips
Selling a Building Contractors Business
Many business leaders say that now isn't the time to try to sell a building contractors business. At Gaebler, we think it's a great time to sell a building contractors business. Here's why . . ..
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Eventually, it will the time will come to exit your business. As a consequence, you have a substantial stake in knowing how to receive maximum price for your building contractors business.
Preparing Family Members
You're ready to sell your building contractors business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. The decision to sell a building contractors business has to include ample communication and shared decision-making.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Sometimes, sellers need to readjust their expectations to accommodate market realties. If price is the most important outcome, you may need to agree to seller financing or other concessions. If a fast sale is the highest priority, you may need to lower the asking price to quickly capture the attention of the marketplace.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized building contractors business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. As you prepare for the sale of your building contractors business, expect to be asked to finance a substantial part of the sale price.
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