Niche Market Exit Planning Tips
Selling a Brakes and Brake Parts Business
When it's time to sell your brakes and brake parts business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Undaunted by economic conditions, many brakes and brake parts business sellers are achieving their sale goals through deliberate sale strategies.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Even though tire kickers are a fact of life in any sale scenario, they sap valuable time and energy that could be spent identifying more serious prospects. Your business broker can offer insights about how to quickly spot tire kickers. It's likely that non-serious buyers will want to know everything about your brakes and brake parts business during their initial inquires. Avoid releasing details about your brakes and brake parts business until you have established that they have the financial capacity to make a legitimate offer.
Preparing for What's Next
The decision to sell your brakes and brake parts business can't be made without adequate consideration of what will happen after the sale. 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 brakes and brake parts business attractive to buyers.
Leveraging Industry Connections
Today's brakes and brake parts business buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
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