Smart Exit Planning Strategies for Niche Markets
Selling a Grain Bins Business
We hear from a lot of business owners who are timid about listing their grain bins business. Despite the mood of the market, we think there are still opportunities to receive a good price for your grain bins business. Here's what you need to know . . .
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
At Gaebler, we're seeing grain bins business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Average Timeframes
From the day they decide to sell their company, the question that plagues many owners is how long it will take to sell their grain bins business. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your grain bins business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive grain bins business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
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. On the one hand, confidentiality is critical for a successful grain bins business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. 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 grain bins business on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
Adjusting Expectations
Every business seller dreams of a fast sale and a fat payday. 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. Sometimes, sellers need to readjust their expectations to accommodate market realties. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
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