Smart Exit Planning Strategies for Niche Markets
Selling a Geriatric Care Management Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your geriatric care management business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
These days, the prospect of selling a geriatric care management business is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
The good news is that ambitious entrepreneurs continue to see geriatric care management businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Adjusting Expectations
If you're smart, you entered your geriatric care management business with a set of assumptions about what it would achieve. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based geriatric care management 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.
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