It's a fact: Successful business sales take time.
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Many business owners don't know that financial planning businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Capital is hard to come by these days. Thanks to more stringent commercial lending requirements, sellers have become de facto lenders, providing the financing buyers need to get their feet in the door. As you prepare for the sale of your financial planning business, expect to be asked to finance a substantial part of the sale price.
The upfront time you investment in the sale of your financial planning business will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Broker vs. No Broker
Anyone who has ever sold a financial planning business has eventually needed to decide whether to use a business broker or go it alone. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your financial planning business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Given your interest in exit planning and in financial planning businesses, you might find these additional resources to be of interest.
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