November 29, 2020  
 
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Selling a Business

 

Selling a Check Cashing Service

We hear it all the time: "This economy is a hostile environment for a business sale." However, check cashing services haven't heard the news and are reporting steady action on the business-for-sale market.

The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Capital is scarce and many buyers simply can't afford the entry requirements for a check cashing service.
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Undaunted by economic conditions, many check cashing service sellers are achieving their sale goals through deliberate sale strategies.

Average Timeframes

Hoping for a quick check cashing service sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.

Advantages of Hiring a Broker

Brokers give check cashing service sellers distinct advantages in the marketplace. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Although you will pay a fee for brokerage, it's generally worth it because the end result will be a higher sales prices and more favorable terms.

Turning the Tables: Buyer Concessions

Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Often, buyer concessions represent financial incentives that the seller receives in exchange for providing a non-cash benefit (e.g. training, financing, etc.. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.

More Info on Business Transitions and Related Articles

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

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What challenges have you experienced in selling a check cashing service or are you just getting started? If you have questions or advice to share, we'd love to hear from you!


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