Exit Planning Tips
Selling a Headshot and Portfolio Photographers Business
We hear from a lot of business owners who are timid about listing their headshot and portfolio photographers business. Despite the mood of the market, we think there are still opportunities to receive a good price for your headshot and portfolio photographers business. Here's what you need to know . . .
We're seeing a high volume of shadow inventory in the business-for-sale market.
If your exit strategy involves selling a headshot and portfolio photographers business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
The Best Person to Sell Your Headshot & Portfolio Photographers Business
As the owner, you are both the best and worst person to sell your headshot and portfolio photographers business. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. However, your close connection to your company can also be a drawback. You see your company's potential. But buyers don't pay for potential - they pay for current market value. At a minimum, conduct an independent appraisal of the headshot and portfolio photographers business to gain an objective sense of fair market value.
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. The more people who know that the business is on the market, the riskier the sale becomes. 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 headshot and portfolio photographers 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.
Average Timeframes
Hoping for a quick headshot and portfolio photographers business sale? You may be disappointed. 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. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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