Business Exit Planning
Selling a Millwrights Business
Most businesses are susceptible to economic conditions and millwrights businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
The millwrights business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized millwrights business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
Brokers give millwrights business sellers distinct advantages in the marketplace. First-rate brokers are extremely skilled at communicating your company's strengths to prospective buyers. Second, a good business broker is a master at confidentiality locating millwrights business sale prospects and guiding sellers through negotiations. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
When Is the Right Time to Sell?
When is it the right time to sell your millwrights business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling millwrights business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the millwrights business marketplace. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
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