If you plan on selling your agricultural service business quickly, prepare to be disappointed.
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Despite the conventional wisdom, we believe current economic conditions are right for selling an agricultural service business. We'll tell you what you need to know to achieve a successful sale outcome
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell an agricultural service business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
The Emotions of a Business Sale
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 agricultural service business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. 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.
Dealing with Buyers
It's a common scenario: in an effort to perform a thorough due diligence process, buyers flood agricultural service business sellers with questions and requests, often to the point of becoming a nuisance. Due diligence preparation can mitigate the irritation factor, but you should still expect to field numerous buyer concerns before closing. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. Refer to the Letter of Intent to determine how to wrap up due diligence and move the buyer on to closing.
Given your interest in exit planning and in agricultural service businesses, you might find these additional resources to be of interest.
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