Personal and professional concerns surround the sale of a chamber of commerce business. In our experience, a common owner concern is how the sale will affect customers and employees.
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Many business owners don't know that chamber of commerce businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Preparing Family Members
Many sellers embarked on their chamber of commerce business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a chamber of commerce business has to include ample communication and shared decision-making.
Are You the Right Person to Sell Your Business?
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your chamber of commerce business in the business-for-sale marketplace. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. Business brokers and other third-party consultants bring objectivity to the sale process and give you much-needed insight about buyers' mindsets.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. If you aren't sure what to look for in a serious buyer, ask your broker for advice. Never provide detailed information about your chamber of commerce business until the prospect has been qualified as a serious buyer.
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