Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a letter signs business sale works.
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Despite the conventional wisdom, we believe current economic conditions are right for selling a letter signs business. We'll tell you what you need to know to achieve a successful sale outcome
The Best Person to Sell Your Letter Signs Business
As the owner, you are both the best and worst person to sell your letter signs business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your letter signs business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the letter signs business to gain an objective sense of fair market value.
There is a lot of work that needs to be done before you're ready to sell your letter signs business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
Negotiation Exit Strategy
Negotiations have a way of dragging on forever. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. It's not unusual for a letter signs business sale negotiation to reach an impasse over price or other concessions. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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