February 18, 2020  
 
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Selling a Business

 

Selling an Iron and Iron Work Business

Economic uncertainty influences the timing of many iron and iron work business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your iron and iron work business on the market.

Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
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Market timing is a constantly moving target. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a iron and iron work business sale. You just need to know your buyers and structure the deal accordingly.

Average Preparation Time

There are no effective shortcuts for selling an iron and iron work business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a iron and iron work business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.

Finding Iron & Iron Work Business Buyers

It's difficult to predict where the buyer of your iron and iron work business will come from. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their iron and iron work businesses in multiple channels. Networking is another useful tool in locating buyers. It might surprise you to learn how many iron and iron work business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.

Selecting a Broker

First-rate business brokers deliver prospects and profits to their clients. No two iron and iron work business sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling iron and iron work businesses.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

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Renewing Leases Prior to Selling a Business


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