Exit Planning Tips
Selling a Hearing Protection Business
Owning a hearing protection business hasn't always been a bed of roses, but it's been worth the effort. The next step is to position your business for the demands of the business-for-sale marketplace.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Growth-minded entrepreneurs also find an appealing hearing protection business hard to pass up. To sell your hearing protection business, you'll need to go the extra mile to prove your company has the potential to deliver steady revenue and a solid ROI.
Laying the Groundwork
Effective hearing protection business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a hearing protection business to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your hearing protection business on the market.
How to Skillfully Address Buyer Concerns
Buyers can present challenges, especially during the due diligence stage. The questions hearing protection business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
Broker vs. No Broker
When selling a hearing protection business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. 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 protection business much less painful. A highly skilled broker can compensate for his commission by selling your business for a significantly higher price than you could achieve on your own. But whether you use a broker or not, you may want to list your hearing protection business on BizBuySell.com and other popular online business-for-sale listing sites.
Share this article
Additional Resources for Entrepreneurs