August 11, 2020  
 
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Selling a Company

 

Selling a Financial Institutions Business

Economic uncertainty influences the timing of many financial institutions 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 financial institutions business on the market.

The financial institutions business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
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Too often financial institutions business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.

Maximizing Sales Price

There are no simple ways to sell a financial institutions business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their financial institutions businesses.

Negotiation Exit Strategy

Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. A lull in negotiations may be part of the buyer's strategy. Then again, it may be a sign that the search for common ground is a lost cause. If you are adequately prepared, you'll know what your bottom line is -- and if the buyer is unwilling to meet your bottom line requirements or if negotiations are stalled, it's time to step back from the negotiating table and re-evaluate your options.

Preparing Family Members

You're ready to sell your financial institutions business, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a financial institutions business should allow opportunities for all family members to share their feelings and offer input about the sale process.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in financial institutions businesses, you might find these additional resources to be of interest.

Marketing a Financial Institutions Business

Selling to Competitors

Pre-Exit Employee Incentive Programs

Pros and Cons of Using Business Brokers


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Still have questions about selling a financial institutions business? Ask away and we'll do our best to get you a timely reply. We also welcome any tips or advice you'd care to share with others.


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