Business Exit Planning
Selling a Marine Hardware Business
A lot can go wrong during the sale of a marine hardware business these days. With little room for error, your business sale has to feature the flawless execution of concepts that are driving today's business-for-sale marketplace.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
At Gaebler, we're seeing marine hardware business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Laying the Groundwork
Effective marine hardware business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a marine hardware business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium marine hardware business opportunity.
Identifying Serious Buyers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your marine hardware business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your marine hardware business until the prospect has been qualified as a serious buyer.
Broker vs. No Broker
When selling a marine hardware business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a marine hardware business. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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