The economy isn't the only thing that is uncertain these days. So are tuxedos sales and rental business buyers, many of whom are waiting to pull the trigger on their next acquisition.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a tuxedos sales and rental business.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Timing the Market
Timing is everything when it comes to selling a tuxedos sales and rental business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on tuxedos sales and rental businesses. When the economy recovers there will be more tuxedos sales and rental business buyers on the market, but higher interest rates could present challenges. At Gaebler, we recognize the value of timing the sale of your tuxedos sales and rental business. But we think it's more important to properly position your business for current market conditions -- whatever they may be.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. 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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