You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling an independent living services business.
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In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell an independent living services business. We'll tell you what you need to know to achieve a successful sale outcome
When Is the Right Time to Sell?
When is it the right time to sell your independent living services business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling independent living services business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the independent living services business marketplace. The inventory of what we consider to be quality independent living services businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Working with Appraisers
There is no substitute for a qualified appraisal in the sale of your independent living services business. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. The most common seller concession is seller financing. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
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