Business Exits By Industry
Selling a Convention and Meeting Planning Services Business
Market perceptions play a role in your ability to sell a convention and meeting planning services business. Yet great values are always received well in the business-for-sale marketplace. To increase your company's sale price, you'll need to perform adequate preparations, positioning it to the catch the eye of profit-minded buyers.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Many business owners don't know that convention and meeting planning services businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
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.
Realistic Expectations
For most owners, the hardest part of selling a convention and meeting planning services business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. It is difficult for many owners to accept the cold, hard facts about their company's worth, but objectivity is the name of the game in a successful convention and meeting planning services business sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Benefits of Third-Party Assistance
At some point, you're going to need help selling your convention and meeting planning services business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
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