If you’re wondering about the ins and outs of selling your business during a divorce in Rockford or Chicagoland we’ll dive into the steps and things to look out for in this article.
With over 50% of American marriages ending in divorce, many local residents are looking for advice for selling a business during a divorce.
A business is one of the most valuable joint assets, and obviously cannot be divided without first liquidating. While a divorce is one of the most stressful and emotionally charged life events, it’s important to remain rational. There are several factors to consider when facing a divorce.
Determine if (and when) You Will Be Selling Your Business During Your Divorce
In many divorce cases, one spouse will keep the business, buying out the other spouse’s share.
In many cases, agreements are made where one spouse operates the business for a set period of time, and then it is sold at a certain date.
Get Professional Help – Brokers and Business Buyers / Investors
Selling a business is a difficult process when everything is going right.
During a divorce, you have a lot going on, and a lot to consider. You shouldn’t take on the task of selling your business yourself. You may have disagreements with your spouse about the selling price or other issues. By working with a professional… either a reputable business broker or a business investment firm, you’ll both have a neutral third party who can help you determine a fair selling price and handle the marketing of your business.
If you need to sell your business fast… reputable local business buyers like Faith Buys Businesses may be a great option. Firms like ours actually BUY BUSINESSES (rather than listing them like business brokers do)… and we often pay cash or offer other solutions so you can close quickly if you need to sell this business fast.
If you can wait the time it’ll take to list it with a business broker and sell it on the open market, going with a business broker might be your best bet.
But if you can’t wait the 6-12 months it sometimes takes to sell a business (if it sells at all) in this market in Tucson… chat with us to see what we can offer you for your business during your divorce.
Set (and stick to) a Timeline
It’s important, when selling your business during a divorce to keep a timeline.
You should put your company for sale in advance. Set firm closing dates and coordinate which spouse will be handling the sale (or talking to the business broker and buyers). Make sure that these agreements are in writing, and negotiate penalties for breaching the agreements.
This helps ensure a smooth, surprise-free home sale.
Selling Your Business Fast For A Fair Price
One option that many divorcing couples have turned to in recent years is making a quick sale to a business buyer like Champion Industrial Group.
Reputable local business buyers like us purchase businesses quickly and without stress, and the process can often take as little as seven days.
Deciding how to sell a family business doesn’t have to be as stressful as the divorce itself.
By protecting each party with a qualified business broker or simply jointly deciding to sell and selling fast to a business buyer like us, and moving the process as quickly and according to an agreed-upon schedule, all parties can walk away from the sale without stress.
If you want to discuss your situation with your divorce and see if we can help you save time, reduce stress, and get out of this situation fast…
Give us a call anytime at 815) 209-0025 or
fill out the form on this website today! >>
We’ll evaluate your business, make you a fair offer, and you can decide if selling your business to us is the best fit for you. We’re here for you, reach out, and let’s chat.
