Tips to Improve Exit Planning
Selling a Jacks Business
Many business leaders say that now isn't the time to try to sell a jacks business. At Gaebler, we think it's a great time to sell a jacks business. Here's why . . ..
When it comes to selling a jacks business, there are no shortcuts to success.
Most jacks businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
What About Market Conditions?
Today's jacks business sellers face an intimidating economic landscape. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your jacks business as attractive as possible so to buyers right now.
It's obvious that you're going to need to hire an attorney to finalize the sale of your jacks business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Sweetening the Deal
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your jacks business. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. In the current economy, seller financing is becoming common in jacks business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
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