Business Exit Planning
Selling a Magicians Business
We hear from a lot of business owners who are timid about listing their magicians business. Despite the mood of the market, we think there are still opportunities to receive a good price for your magicians business. Here's what you need to know . . .
In a down economy, many magicians 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 magicians businesses that are actually for sale.
The economy hasn't squashed the market for magicians businesses. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
Sale Documents
In a magicians business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
Maintaining Objectivity
Emotions run high during the sale of a magicians business. You have invested yourself in making your magicians business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your magicians business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
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