Niche Exit Planning Strategies
Selling a Designers Business
You've learned a lot during your tenure as a designers business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Selling a designers business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Too often designers business owners cave under the pressure and settle for a lower sales price than they should. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. Ultimately, many sellers find that the market is unable to deliver their anticipated outcomes. 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.
Sweetening the Deal
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your designers business. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young designers business owner, they can be critical launching points for their ownership journey.
Emotional Considerations
Prepare yourself to feel a broad range of emotions when you sell a designers business. From hopefulness to remorse, it's all part of exiting of your company. The emotions of a sale are complicated by the fact that it may take time to locate the right buyer and the final sale price may be less than you think your designers business is worth. You can prepare yourself by talking through your emotions with friends and family members, and thoroughly evaluating your minimum requirements before you put your designers business on the market.
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