Your personal financial needs and lifestyle may influence
the way you choose to sell your business. One of the biggest
decisions for you is how involved you want to be and if you are
willing to participate in the financing. If you want completely
out, the buyer will have to obtain independent financing.
Regardless, you'll want to examine your options.
Cash
This is by far the simplest route. Once you and your
buyer agree on the price, you're paid and the deal is done.
You have no financial obligation here.
Seller financing
The buyer pays a portion of the selling price at closing
and you agree to provide financing for the balance. This may be
driven by the amount of goodwill factored into the total value of
the business. Since it is hard to set a price on goodwill, sellers
often finance that segment of the final price.
Lease option
You could offer your buyer the option to lease the
business with the possibility to buy it over time. This allows a
buyer who may not have sufficient cash or financing, to
participate in the business and earn money to buy it. You remain
the owner until the final payment is made.
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