In a down economy, many flares business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of flares businesses that are actually for sale.
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The good news is that ambitious entrepreneurs continue to see flares businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Preparing Family Members
Many sellers embarked on their flares business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the flares business. The sale of the business will likely result in new family dynamics. Subsequently, selling a flares business has to include ample communication and shared decision-making.
Leveraging Industry Connections
There are a lot of different places to look for flares business buyers. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. For more targeted lead generation, consider tapping into your network of industry contacts. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
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. It's not unusual for a flares business sale negotiation to reach an impasse over price or other concessions. 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.
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