Business Exits By Industry
Selling a Contest Arranging and Judging Business
In any market, there are sellers and then there are serious sellers. We'll give you the tools you need to be taken seriously when you decide to sell your contest arranging and judging business.
In any economy, there is a right way and a wrong way to sell a business.
If your exit strategy involves selling a contest arranging and judging business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Advantages of Hiring a Broker
There are many reasons why hiring a broker makes sense in contest arranging and judging business sales. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
Buyer Identification
It's difficult to predict where the buyer of your contest arranging and judging business will come from. Avoid pigeon-holing your search to a single buyer category. That means listing your contest arranging and judging business in trade-specific directories as well as general business-for-sale databases. Networking is another useful tool in locating buyers. It might surprise you to learn how many contest arranging and judging business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Finding Prospects
Whether you know it or not, prospective buyers for your contest arranging and judging business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. Although some contest arranging and judging business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
Share this article
Additional Resources for Entrepreneurs