Niche Market Exit Planning Tips
Selling a Bingo Equipment and Supplies Business
Planning and execution can dramatically influence the price you receive for your bingo equipment and supplies business.
Personal and professional concerns surround the sale of a bingo equipment and supplies 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 bingo equipment and supplies business a success.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to bingo equipment and supplies businesses that exhibit strong financials and potential for future growth.
Why Confidentiality Matters
Highly publicized bingo equipment and supplies business sales are risky bingo equipment and supplies businesssales. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. We recommend consulting a business broker to learn how you can simultaneously identify prospective buyers and maintain a confidential sale environment.
Average Timeframes
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their bingo equipment and supplies business. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your bingo equipment and supplies business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Signs You're in Over Your Head
Many bingo equipment and supplies business are tempted to save brokerage fees by selling their businesses on their own. Without brokerage, the risk of your sale going off-course is increased. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. If that occurs, it's time to bring in the professionals to get your sale back on track.
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