Business Exit Planning
Selling a Management Training and Development Consultants Business
Economic uncertainty influences the timing of many management training and development consultants business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your management training and development consultants business on the market.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
In order to market a management training and development consultants business now, sellers need to make a strong case for buyers to purchase at or near the asking price.
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. You're concerned about confidentiality, and rightfully so. 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 management training and development consultants 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.
Working with Appraisers
An experienced appraiser is part and parcel of a successful management training and development consultants business sale. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Laying the Groundwork
Effective management training and development consultants business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a management training and development consultants 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 management training and development consultants business on the market.
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