Business Exit Planning
Selling a Marine Anchors Business
Is the economy still a little shaky for a business sale? Sure it is. Yet marine anchors businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Personal and professional concerns surround the sale of a marine anchors business. In our experience, a common owner concern is how the sale will affect customers and employees.
But the good news is that there is still demand for marine anchors businesses that present well and offer solid earning potential.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.
How Much Does It Cost to Sell a marine anchors business?
The calculation of your asking price should include a buffer to cover the expense of the sale process. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a marine anchors business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale 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 marine anchors business. The sale of the business will likely result in new family dynamics. Subsequently, selling a marine anchors business has to include ample communication and shared decision-making.
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