Optimizing Business Exits
Selling a Resident Camps Business
You've learned a lot during your tenure as a resident camps business owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Today's resident camps business buyers tend to be more skeptical than most about the nation's economic outlook.
Eventually, it will the time will come to exit your business. And when that day arrives, you need to know how to sell your resident camps business in a way that achieves positive outcomes for you and the business.
Preparing for What's Next
The decision to sell your resident camps business can't be made without adequate consideration of what will happen after the sale. Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your resident camps business. 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.
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the resident camps business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
When the Sale Goes Off-Course
Many resident camps business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. 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.
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