Sell a Business for the Best Price
Selling a Passport and Identification Photographers Business
Forget about what you read in the paper -- passport and identification photographers businesses are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
Dire economic forecasts have forced many passport and identification photographers business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Too often passport and identification photographers business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Benefits of Third-Party Assistance
Rarely, if ever, do owners sell a passport and identification photographers business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Sale Preparation Timeframes
There are no effective shortcuts for selling a passport and identification photographers business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey passport and identification photographers business operation. At a minimum, plan on spending six months preparing your passport and identification photographers business for the marketplace. If you can afford to wait, we recommend investing a few years in improving your business's financial position before you put it on the market.
Sweetening the Deal
Seller concessions sweeten the deal for buyers and are a necessary fixture in a sluggish economy. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in passport and identification photographers business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
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