Exit Planning Advice
Selling a Keys Business
Most businesses are susceptible to economic conditions and keys businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
Cutting corners never pays off, especially in the sale of a keys business.
More than a few keys business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Timing the Market
Worried about timing? Believe it or not, this could be an advantageous time to put a keys business up for sale. Although the economy is generally struggling, low interest rates make keys businesses more attractive to entrepreneurs who want to get in the game. As the interest rates rise, it will be more difficult for buyers to make the numbers work in their favor. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. Even though tire kickers are a fact of life in any sale scenario, they sap valuable time and energy that could be spent identifying more serious prospects. Good business brokers are adept at separating serious buyers from the rest of the pack. Never provide detailed information about your keys business until the prospect has been qualified as a serious buyer.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the keys business industry, experience is a must-have characteristic for qualified brokerage. As a practical matter, you'll also want to focus your search on brokers who have pre-existing relationships with attorneys, appraisers, and other professionals who can provide assistance at various stages of the process.
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