Sell a Business Tips
Selling a Sports Information and Reports Business
Despite the pessimistic mood of many sellers, your sports information and reports business can be a high value acquisition target for ambitious entrepreneurs -- even in today's tough economy.
Selling a sports information and reports business isn't as simple as listing a power tool on eBay. These days, the business-for-sale market is a hostile place for inexperienced and uninformed sellers.
But at Gaebler, we see sports information and reports businesses still selling at a brisk pace. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your sports information and reports business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. Information is the key to a great sports information and reports business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Average Preparation Time
There are no effective shortcuts for selling a sports information and reports 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 sports information and reports 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.
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