Niche Exit Planning Strategies
Selling a Data Processing Employment Agency
A good business is about more than dollars and sense. To make your data processing employment agency what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
The economy isn't the only thing that is uncertain these days. So are data processing employment agency buyers, many of whom are waiting to pull the trigger on their next acquisition.
Too often data processing employment agency owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
What to Expect in a Data Processing Employment Agency Sale
Prepare yourself to feel a broad range of emotions when you sell a data processing employment agency. From hopefulness to remorse, it's all part of exiting of your company. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. You can prepare yourself by talking through your emotions with friends and family members, and thoroughly evaluating your minimum requirements before you put your data processing employment agency on the market.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your data processing employment agency much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the data processing employment agency on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Share this article
Additional Resources for Entrepreneurs