With planning and patience, most artists' managers and agents businesses can be sold for a fair price in the current business-for-sale marketplace.
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Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell an artists' managers and agents business, you can - even in today's economy. We'll tell you what you need to know to achieve a successful sale outcome
Preparing Family Members
Many sellers embarked on their artists' managers and agents business sale without adequately considering the impact it will have on their families. 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. Subsequently, selling an artists' managers and agents business has to include ample communication and shared decision-making.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based artists' managers and agents business sale can be more complicated than selling to a stranger. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
It's obvious that you're going to need to hire an attorney to finalize the sale of your artists' managers and agents 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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