Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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The business-for-sale market is extremely dynamic. So if you're waiting for the perfect market conditions to sell your appliance painting and refinishing business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. You just need to know your buyers and structure the deal accordingly.
It pays to invest in first-rate legal counsel when you sell an appliance painting and refinishing business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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