Mastering Niche Market Exit Planning
Selling a Non-Denominational Churches Business
Does the economy have you down? For exiting owners, the idea of listing their company now can be terrifying. But selling your non-denominational church doesn't have to be as daunting as it sounds.
Dire economic forecasts have forced many non-denominational church sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your non-denominational church.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some non-denominational church sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for non-denominational churches than other buyers.
Signs You're in Over Your Head
Many non-denominational church are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Lack of buyer enthusiasm or persistence indicates that something is wrong. Hire a broker and conduct a professional appraisal ASAP.
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. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Share this article
Additional Resources for Entrepreneurs