Sell a Business Tips
Selling a Sensors Business
Maybe you're counting on your sensors business to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
A business exit is always a trying experience. But when you need to sell your sensors business in a depressed economy, the challenges can seem insurmountable.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your sensors business on the market.
Hiring an Attorney
There is no way around the requirement to hire professional legal assistance when you sell your sensors business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Negotiation Teams
Even if you hire a business broker to facilitate the sale of your sensors business, it's likely that you will be the front line negotiator. A solo negotiation is a surefire way to may a tough job even tougher. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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