September 21, 2020  
 
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Selling a Commercial or Industrial Electric Contractors Business

Economic uncertainty influences the timing of many commercial or industrial electric contractors business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your commercial or industrial electric contractors business on the market.

According to the experts, there is currently a large volume of shadow inventory in the commercial or industrial electric contractors business market -- businesses that are waiting to be listed until the economy recovers.
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Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your commercial or industrial electric contractors business.

Dealing with Buyers

Buyers can present challenges, especially during the due diligence stage. The questions commercial or industrial electric contractors business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.

Average Timeframes

Hoping for a quick commercial or industrial electric contractors business sale? You may be disappointed. Unfortunately, there are no hard and fast rules about the length of time your business will be on the market. Pricing plays a role in sale length, but there are no guarantees that a fairly priced business will sell quickly. Before you can list your commercial or industrial electric contractors business, you'll need to invest as much as a year in preparing it for prospective buyers. 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.

When the Sale Goes Off-Course

Many commercial or industrial electric contractors business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. Hire a broker and conduct a professional appraisal ASAP.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

Marketing a Commercial or Industrial Electric Contractors Business

How to Sell a Business

Why Most Businesses Do Not Have Exit Plans

How Much Is My Business Worth?


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