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Selling a Credit and Debt Counseling Services Business
Nervous about selling your credit and debt counseling services business? You shouldn't be. Our tips will help you get the highest price for your credit and debt counseling services business, regardless of what's happening with the economy.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
The economy hasn't squashed the market for credit and debt counseling services businesses. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a credit and debt counseling services business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Selling Time
Hoping for a quick credit and debt counseling services business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your credit and debt counseling services business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive credit and debt counseling services business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
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