December 2, 2020  
 
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Selling a Company

 

Selling a Catering Equipment and Supplies Rental Business

When it's time to sell your catering equipment and supplies rental business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .

You've invested too much in your catering equipment and supplies rental business to let it be sold for less than its worth. But unless you adequately prepare for the sale, some lucky buyer may walk away with a huge discount.
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The good news is that ambitious entrepreneurs continue to see catering equipment and supplies rental businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.

Dealing with Your Emotions

Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.

Negotiation 101

It's critical to negotiate from a position of strength. More often than not, the person with the most knowledge will come out on top in a catering equipment and supplies rental business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.

Adjusting Expectations

If you're smart, you entered your catering equipment and supplies rental business with a set of assumptions about what it would achieve. Ultimately, many sellers find that the market is unable to deliver their anticipated outcomes. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your catering equipment and supplies rental business. 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.

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