Selling a Business Advice
Selling an Ice Skating Rink
Most businesses are susceptible to economic conditions and ice skating rinks are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an ice skating rink sale works.
The economy hasn't squashed the market for ice skating rinks. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
How to Increase Sale Price
There are no simple ways to sell an ice skating rink. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. Time after time, sellers who hire qualified brokers are more satisfied with the sales process - and the price they receive for their ice skating rinks.
Preparing for What's Next
So you've decided to sell your ice skating rink. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
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 ice skating rink 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. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Share this article
Additional Resources for Entrepreneurs