Niche Market Exit Planning Tips
Selling a Back Care Products Business
Many business leaders say that now isn't the time to try to sell a back care products business. At Gaebler, we think it's a great time to sell a back care products business. Here's why . . ..
Personal and professional concerns surround the sale of a back care products business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your back care products business a success.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a back care products business that languishes on the market for months or even years. By far, seller financing is the most sought-after concession, especially in the current economic environment. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. 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.
The Best Person to Sell Your Back Care Products Business
An unassisted business sale is a double-edged sword. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the back care products business to gain an objective sense of fair market value.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your back care products business now, but that doesn't make the emotions you will experience any easier. We advise sellers to discuss their feelings with family members and close friends before, during and after the sale. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.
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