Exit Planning Techniques By Market
Selling a Fish Custom Processing Business
The decision to sell your fish custom processing business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Like it or not, a fish custom processing business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In our experience, a common owner concern is how the sale will affect customers and employees.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to fish custom processing businesses that exhibit strong financials and potential for future growth.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Like seller concessions, buyer concessions should be addressed during negotiations, before the preparation of a Letter of Intent.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some fish custom processing business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
After the Sale
As your fish custom processing businesssale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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