September 23, 2020  
 
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Selling a Probate Services Business

Don't believe anyone who tells you it's easy to sell a probate services business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.

You won't find any magic formulas for selling a probate services business, especially while the market is struggling to overcome the perceptions created by a down economy.
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Undaunted by economic conditions, many probate services business sellers are achieving their sale goals through deliberate sale strategies.

Negotiation Teams

Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your probate services business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.

Current Market Conditions

No one plans to sell a probate services business in a down economy. Entrepreneurs and investors still exhibit healthy skepticism, despite initial indication that recovery has begun. But when the economy fully rebounds, a shadow inventory of probate services businesses will flood the market and drive prices down even further. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your probate services business as attractive as possible so to buyers right now.

After the Sale

Due diligence has ended and you're ready to close on the sale of your probate services business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.

More Exit Planning Articles

Ready to learn more? You may find these additional resources to be of interest.

How To Choose An Investment Banker

Marketing a Probate Services Business

Why Hire an Exit Planning Consultant


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