October 25, 2020  
 
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Selling a Company

 

Selling a Commercial Laundry

A lot can go wrong during the sale of a commercial laundry these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.

According to the experts, there is currently a large volume of shadow inventory in the commercial laundry market -- businesses that are waiting to be listed until the economy recovers.
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It may require a little finesse, but if you're prepared to take the next step in your entrepreneurial career then it's time to brave the commercial laundry market and locate potential buyers ASAP.

Family Issues

Many sellers embarked on their commercial laundry 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 commercial laundry should allow opportunities for all family members to share their feelings and offer input about the sale process.

Advantages of Hiring a Broker

There are many reasons why hiring a broker makes sense in commercial laundry sales. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. 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.

How to Skillfully Address Buyer Concerns

Buyers can present challenges, especially during the due diligence stage. The questions commercial laundry ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. Refer to the Letter of Intent to determine how to wrap up due diligence and move the buyer on to closing.

More Exit Planning Articles

Given your interest in exit planning and in commercial laundries, you might find these additional resources to be of interest.

Marketing a Commercial Laundry

Five Tips for Maximizing Your Business Sale Price

Pros and Cons of Using Business Brokers

Entrepreneurial Exit Strategies


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