Selling a used motorcycles and motor scooters 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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Most used motorcycles and motor scooters businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Identifying Serious Buyers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your used motorcycles and motor scooters business. Even though tire kickers are a fact of life in any sale scenario, they sap valuable time and energy that could be spent identifying more serious prospects. Your business broker can offer insights about how to quickly spot tire kickers. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Dealing with Your Emotions
Coping with the emotions of a business sale can be difficult, even under the best of circumstances. You probably have good reasons for selling your used motorcycles and motor scooters business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
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