Sell a Business Tips
Selling a Support Groups Business
A lot can go wrong during the sale of a support groups business in today's economy. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
The support groups business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
But the good news is that there is still demand for support groups businesses that present well and offer solid earning potential.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the support groups business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Realistic Expectations
For most owners, the hardest part of selling a support groups business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your support groups 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.
Share this article
Additional Resources for Entrepreneurs