You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a wildlife feeders and accessories business.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a wildlife feeders and accessories business.
Laying the Groundwork
A successful wildlife feeders and accessories business sale begins with careful planning. Although you are convinced your business has value in the marketplace, the planning process establishes a framework for communicating its value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a wildlife feeders and accessories business to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium wildlife feeders and accessories business opportunity.
Identifying Serious Buyers
Many prospective buyers will have a strong desire to acquire your wildlife feeders and accessories business. The bad news is that they will lack the financial capacity to close the deal. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. If you aren't sure what to look for in a serious buyer, ask your broker for advice. 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.
It's obvious that you're going to need to hire an attorney to finalize the sale of your wildlife feeders and accessories 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. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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