Business Exits By Industry
Selling a Court Reporting Business
Does the economy have you down? For exiting owners, the idea of listing their company now can be terrifying. Although it's going to take some work, there is a good chance you can still sell your company at or even above fair market value.
It's a fact: Successful business sales take time.
There's growing demand for reliable court reporters, driven in large part by a heavily backlogged justice system and an overly litigious society.
More than a few court reporting business owners fail to receive fair market value for their businesses. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Negotiation 101
There's no room for error when you negotiate the sale ofa court reporting business. More often than not, the person with the most knowledge will come out on top in a court reporting business negotiation. 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. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
Realistic Expectations
Emotions run high during the sale of a court reporting business. You have invested yourself in making your court reporting business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Tips for Working with A Business Broker
Business brokers are professional business sellers. It's typical for court reporting business to rely on brokers to reduce market time and increase the final sales price. But a good broker doesn't relieve your responsibility for contributing to the sale process. Like it or not, you are going to be an integral player in the sale of your court reporting business. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your court reporting business on BizBuySell.com and other online business-for-sale sites.
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