Business Exit Planning
Selling a Money Brokers Business
No one said selling your business in a depressed economy would be easy. Fortunately, a money brokers business sale isn't as scary as it seems.
The process of selling a money brokers business can be one of the most stressful experiences of your entrepreneurial career.
If your exit strategy involves selling a money brokers business now, you need to apply the right combination of preparation, strategy and common sense.
Preparing Family Members
Many sellers embarked on their money brokers business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. The decision to sell a money brokers business often begins with a family conversation and a mutual decision to move on the next stage of life.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a money brokers business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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