Sell a Business Tips
Selling a Sheet Metal Work Business
Don't believe anyone who tells you it's easy to sell a sheet metal work business. A lot of things need to happen before you can successfully exit your business. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
When it comes to selling a sheet metal work business, there are no shortcuts to success.
Too often sheet metal work business owners fail to receive fair market value for their businesses. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Timing the Market
Now may be the best time to sell a sheet metal work business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on sheet metal work businesses. As the interest rates rise, it will be more difficult for buyers to make the numbers work in their favor. At Gaebler, we recognize the value of timing the sale of your sheet metal work business. But we think it's more important to properly position your business for current market conditions -- whatever they may be.
Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
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