Advice on Niche Market Exit Planning
Selling a Tavern
There is a lot of confusion about the best way to sell a tavern these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
Although we're optimistic about the economy, we also recognize that it takes the right strategy to sell a tavern in today's market.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a tavern. We'll tell you what you need to know to achieve a successful sale outcome
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your tavern. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized tavern buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. As you prepare for the sale of your tavern, expect to be asked to finance a substantial part of the sale price.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a tavern has to include ample communication and shared decision-making.
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