Business Exit Planning
Selling a Multimedia Business
A lot can go wrong during the sale of a multimedia business these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
The buzz in the marketplace is that now isn't the right time to sell a multimedia business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
However, serious buyers also understand the value of a good multimedia business. So for multimedia business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Maximizing Sales Price
There are no simple ways to sell a multimedia business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
Preparing Your Multimedia Business for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Successful multimedia business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your multimedia business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Leveraging Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a multimedia business that languishes on the market for months or even years. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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