Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to table and chair rental businesses that exhibit strong financials and potential for future growth.
Leveraging External Resources
At some point, you're going to need help selling your table and chair rental business. Although it's wise to recruit a business broker, brokerage isn't your only concern. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Good business brokers are adept at separating serious buyers from the rest of the pack. It's likely that non-serious buyers will want to know everything about your table and chair rental business during their initial inquires. Avoid releasing details about your table and chair rental business until you have established that they have the financial capacity to make a legitimate offer.
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