Niche Exit Planning Strategies
Selling a Dorms Business
Over the past few years, the dorms business marketplace has been a shaky environment for sellers. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a dorms business in the current economic environment.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a dorms business.
You'll always have an excuse for not putting your business on the market. Any dorms business can be sold at any time -- you just need to know how to influence the right buyers.
Why Confidentiality Matters
Highly publicized dorms business sales are risky dorms businesssales. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Leveraging Industry Connections
These days, dorms business buyers are an extremely diverse group with backgrounds in and outside of the industry. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. Time and time again, successful dorms business sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some dorms business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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