Niche Exit Planning Strategies
Selling a Drain Odor Detection Business
There is a lot of confusion about the best way to sell a drain odor detection business in today's economy. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
If you plan on selling your drain odor detection business quickly, prepare to be disappointed.
Does that mean selling your drain odor detection business will be a piece of cake? No -- but you might be surprised to learn that the drain odor detection businesses that are selling these days are finding success though simple, common sense selling strategies.
Moving On
So you've decided to sell your drain odor detection business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your drain odor detection business. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your drain odor detection business attractive to buyers.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your drain odor detection business until the prospect has been qualified as a serious buyer.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your drain odor detection business. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your drain odor detection business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
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