Niche Market Exit Planning Tips
Selling a Basement Repair and Restoration Business
You've invested time, effort, and creativity into building your basement repair and restoration business. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Capital is scarce and many buyers simply can't afford the entry requirements for a basement repair and restoration business.
Market timing is a constantly moving target. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a basement repair and restoration business sale. To improve sale outcomes, you will simply need to tailor your basement repair and restoration business to today's buyers.
How Much Does It Cost to Sell a basement repair and restoration business?
In a basement repair and restoration business sale, pricing is based on a number of factors, including the costs incurred during the sale. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Professional consultations can also represent a significant expense during the course of a basement repair and restoration business sale. If you need to compensate employees to assist with the sale, their services should also be considered.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. The most common seller concession is seller financing. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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