Business Exit Planning
Selling a Mountain and Rock Climbing Equipment and Supplies Business
No one said selling your business in a depressed economy would be easy. Fortunately, a mountain and rock climbing equipment and supplies business sale isn't as scary as it seems.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a mountain and rock climbing equipment and supplies business.
To sell a mountain and rock climbing equipment and supplies business these days, sellers need to make a strong case for buyers to purchase at or near the asking price.
Preparing for What's Next
The decision to sell your mountain and rock climbing equipment and supplies business can't be made without adequate consideration of what will happen after the sale. If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
It's obvious that you're going to need to hire an attorney to finalize the sale of your mountain and rock climbing equipment and supplies business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based mountain and rock climbing equipment and supplies business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
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