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 reform synagogue.
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You'll always have an excuse for not putting your business on the market. Selling a reform synagogue isn't easy, but we believe sellers can achieve their goals in any economic environment.
Laying the Groundwork
Effective reform synagogue preparation focuses on communicating value to prospective buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium reform synagogue opportunity.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your reform synagogue, 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.
Signs You're in Over Your Head
It's not uncommon for the owners of small reform synagogues to adopt a go-it-alone sale strategy. Plenty of owners sell their reform synagogues unassisted. But for every successful unassisted sale, several other reform synagogues sell below market value or languish on the market for years without attracting the interest of qualified buyers. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Ready to learn more? You may find these additional resources to be of interest.
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