Business Exit Planning
Selling a Metal Slitting and Shearing Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet metal slitting and shearing businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
There is no simple way to sell a business. But the most prepared metal slitting and shearing business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. 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. Good business brokers are adept at separating serious buyers from the rest of the pack. Never provide detailed information about your metal slitting and shearing business until the prospect has been qualified as a serious buyer.
Average Preparation Time
It's critical to properly plan for the sale ofa metal slitting and shearing business. For starters, the financials need to demonstrate a track record of profitability and growth. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a metal slitting and shearing business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your metal slitting and shearing business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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