Exit Planning Techniques By Market
Selling a Forensic Testing Laboratories Business
There's a right way and a wrong way to sell a forensic testing laboratories business these days. 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.
Although we're optimistic about the economy, we also recognize that it takes the right strategy to sell a forensic testing laboratories business in today's market.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Timing the Market
Now may be the best time to sell a forensic testing laboratories business. Although the economy is generally struggling, low interest rates make forensic testing laboratories businesses more attractive to entrepreneurs who want to get in the game. Sooner or later, rates will rise, increasing the risk for prospective buyers of forensic testing laboratories businesses. Market conditions can be intimidating. But your larger concern should be whether or not your business is ready to be presented to qualified sale prospects.
Selecting a Broker
First-rate business brokers deliver prospects and profits to their clients. No two forensic testing laboratories 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. As a practical matter, you'll also want to focus your search on brokers who have pre-existing relationships with attorneys, appraisers, and other professionals who can provide assistance at various stages of the process.
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. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. 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 forensic testing laboratories business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Share this article
Additional Resources for Entrepreneurs