Exit Planning Techniques By Market
Selling a Financing Consultants Business
You've invested time, effort, and creativity into building your financing consultants business. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
You need to get a good price for your financing consultants business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Too often financing consultants business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Average Timeframes
It's rarely possible to sell a financing consultants business in a month or two. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. Before you can list your financing consultants business, you'll need to invest as much as a year in preparing it for prospective buyers. 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.
Tapping Into Business Networks
There are a lot of different places to look for financing consultants business buyers. Online business-for-sale databases like BizBuySell.com offer convenient resources for sellers interested in promoting their business to a broad prospect base. For more targeted lead generation, consider tapping into your network of industry contacts. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your financing consultants business stays in the family, and everyone is happy. Yeah, right. In fact, selling your financing consultants business to a family member can quickly become a no-win proposition. 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.
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