Business Exits By Industry
Selling a Credit Rating Corrections Services Business
You've learned a lot during your tenure as a credit rating corrections services business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
If your exit strategy involves selling a credit rating corrections services business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
When to End Negotiations
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a credit rating corrections services business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
After the Sale
As your credit rating corrections services businesssale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
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