Niche Exit Planning Strategies
Selling a Diabetic Services and Supplies Business
Maybe you're counting on your diabetic services and supplies business to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Despite the overall mood of the marketplace, diabetic services and supplies businesses are still an attractive investment, especially when sellers have invested time and energy in preparing their companies for a sale.
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. On the one hand, confidentiality is critical for a successful diabetic services and supplies business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. 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 diabetic services and supplies business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
Advertising Your Sale
Successful diabetic services and supplies business sales listings are intentionally promoted to the right prospects. However, confidentiality and other concerns can present challenges, even for sales professionals. A highly publicized sale creates vulnerabilities that can be exploited by your competitors. The best way to advertise a diabetic services and supplies business is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
When the Sale Goes Off-Course
Many diabetic services and supplies business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. If that occurs, it's time to bring in the professionals to get your sale back on track.
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