Exit Planning Advice By Market
Selling an Aerospace Business
The sale of an aerospace business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Dire economic forecasts have forced many aerospace business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Many business owners don't know that aerospace businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Preparing Family Members
You're ready to sell your aerospace business, but is your family prepared for the transition? 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. To keep the family intact, the sale of an aerospace business has to include ample communication and shared decision-making.
How to Work with Business Brokers
Many sellers employ business brokers to manage the details and direction of their sale. It's typical for aerospace business to rely on brokers to reduce market time and increase the final sales price. However, your broker will still expect you to materially participate in the sale of your business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
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