Business Exit Planning
Selling a Musicians Business
Forget about what you read in the paper -- musicians businesses are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
Selling a musicians business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to musicians businesses that exhibit strong financials and potential for future growth.
Finding Musicians Business Buyers
Qualified musicians business buyers come from a range of sources and backgrounds. To cover all your bases, you'll need to conduct a broad buyer search process. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Networking is another useful tool in locating buyers. It might surprise you to learn how many musicians business buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
How to Work with Business Brokers
Business brokers are professional business sellers. Brokerage is particularly common in the musicians business-for-sale market, where aggressive selling strategies are the norm. But a good broker doesn't relieve your responsibility for contributing to the sale process. Like it or not, you are going to be an integral player in the sale of your musicians business. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your musicians business on BizBuySell.com and other online business-for-sale sites.
Realistic Expectations
For most owners, the hardest part of selling a musicians business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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