Selling a painting and decorating business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a painting and decorating business.
In the current marketplace, seller concessions can make the difference between a business sale and a painting and decorating business that languishes on the market for months or even years. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a painting and decorating business can translate into a dead deal. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. It is difficult for many owners to accept the cold, hard facts about their company's worth, but objectivity is the name of the game in a successful painting and decorating business sale. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
As your painting and decorating businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
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