Exit Planning Tips
Selling a Hearing Aids and Assistive Devices Service and Repair Business
The decision to sell your hearing aids and assistive devices service and repair business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Capital is scarce and many buyers simply can't afford the entry requirements for a hearing aids and assistive devices service and repair business.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to hearing aids and assistive devices service and repair businesses that exhibit strong financials and potential for future growth.
Negotiation Exit Strategy
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a hearing aids and assistive devices service and repair business sale, a stalled negotiation can be an indication that the deal is dead. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your hearing aids and assistive devices service and repair business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Laying the Groundwork
A successful hearing aids and assistive devices service and repair business sale begins with careful planning. Although you are convinced your business has value in the marketplace, the planning process establishes a framework for communicating its value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a hearing aids and assistive devices service and repair business to the marketplace. Financial statements, appraisals, operations manuals and other documents lay the foundation for your hearing aids and assistive devices service and repair business sale, creating incentives for prospects to agree to a higher asking price.
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