Sell a Business for the Best Price
Selling a Patent Agents Business
Your patent agents business has been good to you. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Too often patent agents business owners cave under the pressure and settle for a lower sales price than they should. With the right strategy, your sale doesn't have to end that way.
Sale Costs
In a patent agents business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a patent agents business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Emotional Considerations
The sale of a patent agents business can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. You can prepare yourself by talking through your emotions with friends and family members, and thoroughly evaluating your minimum requirements before you put your patent agents business on the market.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your patent agents business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Share this article
Additional Resources for Entrepreneurs