Exit Planning Techniques By Market
Selling a Financial Management and Consulting Business
Your financial management and consulting business has been good to you. The next step is to position your business for the demands of the business-for-sale marketplace.
The economy isn't the only thing that is uncertain these days. So are financial management and consulting business buyers, many of whom are waiting to pull the trigger on their next acquisition.
More than a few financial management and consulting business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based financial management and consulting business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Selecting a Broker
Good business brokers inevitably produce better business sales. No two financial management and consulting business sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling financial management and consulting businesses.
Average Timeframes
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their financial management and consulting business. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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