Business Exits By Industry
Selling a Career and Workplace Education Business
Is the economy still a little shaky for a business sale? Sure it is. Yet career and workplace education businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to career and workplace education businesses that exhibit strong financials and potential for future growth.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your career and workplace education business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Pre-Sale Checklist
The pre-sale checklist for a career and workplace education business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a career and workplace education business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
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