Smart Exit Planning Strategies for Niche Markets
Selling a Government Contracts and Claims Attorneys Business
A good business is about more than dollars and sense. To make your government contracts and claims attorneys business what it is today, you've had to fully invest yourself in its success. 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.
A business exit is always a trying experience. But when you need to sell your government contracts and claims attorneys business in a depressed economy, the challenges can seem insurmountable.
In a skittish economy, government contracts and claims attorneys business sellers can access several strategies to receive fair market value from entrepreneurs who understand the value of a good business investment.
When Is the Right Time to Sell?
When is it the right time to sell your government contracts and claims attorneys business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling government contracts and claims attorneys business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the government contracts and claims attorneys business marketplace. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. The more people who know that the business is on the market, the riskier the sale becomes. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. 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 government contracts and claims attorneys 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.
Signs You're in Over Your Head
Many government contracts and claims attorneys business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your government contracts and claims attorneys business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
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