Niche Exit Planning Strategies
Selling a Dentures Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet dentures businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Personal and professional concerns surround the sale of a dentures business. In our experience, a common owner concern is how the sale will affect customers and employees.
Nothing lasts forever and you will ultimately be faced with the task of selling your company. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your dentures business.
Adjusting Expectations
When you made the decision to sell your dentures business, you had a specific set of outcomes in mind. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a dentures business that languishes on the market for months or even years. By far, seller financing is the most sought-after concession, especially in the current economic environment. Traditional lenders and investors are gun shy - and that makes sellers a logical funding source for many buyers. Other common seller concessions include staying on the mentor the new owner, non-compete clauses, and working as a consultant to mitigate the impact of new ownership.
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. 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.
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