Niche Market Exit Planning Tips
Selling a Birth Records Business
Is the economy still a little shaky for a business sale? Sure it is. Yet birth records businesses haven't heard the news and are reporting steady action on the business-for-sale market.
The decision to sell a birth records business is never easy. 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 birth records business a success.
However, serious buyers also understand the value of a good birth records business. Financial statements and ROI are essential in converting modern birth records business prospects into buyers.
Sale Documents
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
Current Market Conditions
No one plans to sell a birth records business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell a birth records business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.
Buyer Identification
Qualified birth records business buyers come from a range of sources and backgrounds. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their birth records businesses in multiple channels. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Share this article
Additional Resources for Entrepreneurs