Niche Market Exit Planning Tips
Selling a Blood Banks Business
Don't believe anyone who tells you it's easy to sell a blood banks business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
However, serious buyers also understand the value of a good blood banks business. So for blood banks business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a blood banks business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Selling a Blood Banks Business to an Employee
Although it may seem easier to sell your blood banks business to an employee, this approach also has some pitfalls. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your blood banks business, a sale to an employee is probably not a possibility.
Moving On
So you've decided to sell your blood banks business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your blood banks business attractive to buyers.
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