You won't find any magic formulas for selling an executive suites and offices business, especially while the market is struggling to overcome the perceptions created by a down economy.
(article continues below)
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to executive suites and offices businesses that exhibit strong financials and potential for future growth.
Sweetening the Deal
Today's executive suites and offices business buyers expect sellers to offer concessions to persuade them to close the deal. Although a lower asking price is the ultimate seller concession, a price reduction isn't the only way to attract serious buyers. In fact, many concessions have little or no financial impact, but go a long way toward making the deal more palatable to young entrepreneurs. A limited amount of training and mentoring may seem inconsequential to you, but to a young executive suites and offices business owner, they can be critical launching points for their ownership journey.
Working with Accountants
Accountants lay the financial groundwork for a business sale. Most executive suites and offices business have significant tax consequences requiring the input of a qualified accountant. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Preparing Family Members
Many sellers embarked on their executive suites and offices 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. Unless everyone is prepared for it, the sale could have a devastating effect on your family. To keep the family intact, the sale of an executive suites and offices business often begins with a family conversation and a mutual decision to move on the next stage of life.
Given your interest in exit planning and in executive suites and offices businesses, you might find these additional resources to be of interest.
If starting an executive suites and offices business is on your agenda, these guides will help you get started:
If you want information on how to sell to executive suites and offices businesses, there's more applicable information for you elsewhere on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our directory of exit planning guides below.