Sell a Business for the Best Price
Selling a Personal Financing Business
The sale of a personal financing business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Any personal financing business can be sold at any time -- you just need to know how to influence the right buyers.
Preparing Your Personal Financing Business for Sale
The outcome of a business sale is largely determined prior to a market listing. Attractive personal financing business sales opportunities leverage a long-term strategy to increase the value of the business to buyers. Even though it may take years to adequately position your personal financing 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.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. If you are rigorous about maintaining a confidential sale, there is little risk in putting your personal financing business on the market. But if word leaks out to the wrong people, your competitors can use that information to steal business and damage your credibility. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. We recommend consulting a business broker to learn how you can simultaneously identify prospective buyers and maintain a confidential sale environment.
The Best Person to Sell Your Personal Financing Business
An unassisted business sale is a double-edged sword. Few people know your business as well as you do. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the personal financing business to gain an objective sense of fair market value.
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