Selling a soda fountain equipment repair business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
It pays to invest in first-rate legal counsel when you sell a soda fountain equipment repair business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your soda fountain equipment repair business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Dealing with Buyers
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. It's completely normal for soda fountain equipment repair business sellers to be asked pointed questions during due diligence. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. However, at some point due diligence has to end and the sale must proceed to closing. Consult with your broker to determine when it's time to draw the line and push the buyer toward a final commitment.
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