Sell a Business for the Best Price
Selling a Petrolatum Business
Forget about what you read in the paper -- petrolatum businesses are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Despite the conventional wisdom, we believe current economic conditions are right for selling a petrolatum business. Here's how to do it . . .
Tapping Into Business Networks
Today's petrolatum business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.
Understanding Market Timing
Now may be the best time to sell a petrolatum business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on petrolatum businesses. When the economy recovers there will be more petrolatum business buyers on the market, but higher interest rates could present challenges. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
Dealing with Tire Kickers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your petrolatum business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your petrolatum business until the prospect has been qualified as a serious buyer.
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