Sell a Business for the Best Price
Selling a Photography Business
We hear from a lot of business owners who are timid about listing their photography business. Despite the mood of the market, we think there are still opportunities to receive a good price for your photography business. Here's what you need to know . . .
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a photography business.
The good news is that ambitious entrepreneurs continue to see photography businesses as a smart business investment -- and the market is rewarding owners who are willing to invest time and energy in their sale.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based photography business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
Selecting a Broker
A good business broker is your best bet for a fast and profitable business sale. No two photography business sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling photography businesses.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your photography business now, but that doesn't make the emotions you will experience any easier. Instead of feeling guilty about your emotions, take the time to process them with a mentor or friend. But since it's important to remain as objective and rational as possible, we also recommend establishing a firm sale strategy and negotiation team to limit the impact of your personal feelings on the sale outcome.
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