Niche Market Exit Planning Tips
Selling a Bed and Breakfast Reservations Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet bed and breakfast reservations businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
There is no simple way to sell a business. But the most prepared bed and breakfast reservations business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Tapping Into Business Networks
Today's bed and breakfast reservations business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.
Economic Considerations
Think a bed and breakfast reservations business sale is simple? Think again. A combination of economic conditions and market sentiment can complicate your sale. The truth is that perfect market conditions may never materialize. A much better approach is to focus on the factors that always attract buyers and investors. In our experience, the most important factors in the sale of a bed and breakfast reservations business have little to do with the economy.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your bed and breakfast reservations business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Share this article
Additional Resources for Entrepreneurs