Sell a Business for the Best Price
Selling a Personal Transcribing Services Business
We hear from a lot of business owners who are timid about listing their personal transcribing services business. Despite the mood of the market, we think there are still opportunities to receive a good price for your personal transcribing services business. Here's what you need to know . . .
We hear it all the time: "I'm waiting until the economy recovers to list my business."
Qualified buyers are constantly looking for attractive personal transcribing services businesses. Not surprisingly, buyers expect to receive value for their dollars - and that means sellers need to demonstrate that their businesses are capable of delivering anticipated returns.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
Economic Considerations
Several economic factors can affect the sale of a personal transcribing services business. A combination of economic conditions and market sentiment can complicate your sale. The truth is that perfect market conditions may never materialize. A much better approach is to focus on the factors that always attract buyers and investors. When it comes to selling a personal transcribing services business, successful sales sales often boil down to the business itself - not the economy.
Negotiation 101
It's critical to negotiate from a position of strength. More often than not, the person with the most knowledge will come out on top in a personal transcribing services business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your personal transcribing services business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
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