Smart Exit Planning Strategies for Niche Markets
Selling a Gaming and Lottery Business
Although a gaming and lottery business may not be completely recession-proof, the best companies can survive nearly any storm. All it takes is a strategy to identify solid prospects and convert them to buyers.
The economy isn't the only thing that is uncertain these days. So are gaming and lottery business buyers, many of whom are waiting to pull the trigger on their next acquisition.
In today's market, there is still plenty of room for gaming and lottery businesses that demonstrate solid earning capacity and a robust market position.
Maximizing Sales Price
A successful gaming and lottery business requires an investment of both time and money. A business broker handles much of the legwork involved in the sale. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their gaming and lottery businesses.
Preparing Your Gaming & Lottery Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Attractive gaming and lottery business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your gaming and lottery business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Dealing with Tire Kickers
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. If you aren't sure what to look for in a serious buyer, ask your broker for advice. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Share this article
Additional Resources for Entrepreneurs