Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how an irrigation pumps business sale works.
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Too often irrigation pumps business owners fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Setting the Stage
A successful irrigation pumps business sale begins with careful planning. Although you are convinced your business has value in the marketplace, the planning process establishes a framework for communicating its value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate an irrigation pumps business to the marketplace. Financial statements, appraisals, operations manuals and other documents lay the foundation for your irrigation pumps business sale, creating incentives for prospects to agree to a higher asking price.
Broker vs. No Broker
Anyone who has ever sold an irrigation pumps business has eventually needed to decide whether to use a business broker or go it alone. Although brokerage fees can be substantial, the right broker can reduce the amount of time your irrigation pumps business sits on the market. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered irrigation pumps business sale.
Today's irrigation pumps business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in irrigation pumps business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
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