Business buyers face their own set of frustrations and complications. Capital is scarce and many buyers simply can't afford the entry requirements for a ship management business.
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Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your ship management business.
Pros & Cons of a Sale to an Employee
Although it may seem easier to sell your ship management business to an employee, this approach also has some pitfalls. There are some perks to selling the business in-house. The time and expense of locating the right buyer will be nonexistent and you won't have to spend weeks showing the buyer every square inch of the company. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Signs You're in Over Your Head
The ship management business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. 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.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your ship management business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
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