Niche Exit Planning Strategies
Selling a Diabetic Equipment and Supplies Business
No one said selling your business in a depressed economy would be easy. Although it's going to take some work, there is a good chance you can still sell your company at or even above fair market value.
You need to get a good price for your diabetic equipment and supplies business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Success is a factor of preparation, execution and a keen eye for the market. But for business sellers, the process begins with having the right mental attitude.
Preparing Family Members
Many sellers embarked on their diabetic equipment and supplies business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a diabetic equipment and supplies business has to include ample communication and shared decision-making.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based diabetic equipment and supplies business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Adjusting Expectations
When you made the decision to sell your diabetic equipment and supplies business, you had a specific set of outcomes in mind. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your diabetic equipment and supplies business. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
Share this article
Additional Resources for Entrepreneurs