Sell a Business for the Best Price
Selling a Photo Laboratories Commercial Business
When it's time to sell your photo laboratories commercial business, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
We hear it all the time: "I'm waiting until the economy recovers to list my business."
If your exit strategy involves selling a photo laboratories commercial business in this environment, business sellers may need to apply a combination of incentives and techniques.
Sweetening the Deal
Today's photo laboratories commercial business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. In the current economy, seller financing is becoming common in photo laboratories commercial 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.
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.
Average Timeframes
Hoping for a quick photo laboratories commercial business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your photo laboratories commercial business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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