Sell a Business Tips
Selling a Specialty Photographers Business
Is the economy still a little shaky for a business sale? Sure it is. Yet specialty photographers businesses haven't been deterred. In fact, we think this economy is a ripe environment for a specialty photographers business sale.
The specialty photographers business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Yet everyday, hundreds of listed specialty photographers businesses manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
Selling to a Family Member
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your specialty photographers business stays in the family, and everyone is happy. Yeah, right. In fact, selling your specialty photographers business to a family member can quickly become a no-win proposition. 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. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Average Preparation Time
There are no effective shortcuts for selling a specialty photographers business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a specialty photographers business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Tapping Into Business Networks
These days, specialty photographers business buyers are an extremely diverse group with backgrounds in and outside of the industry. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
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