Advice on Niche Market Exit Planning
Selling a Tax Return Preparation and Electronic Filing Business
You've heard the naysayers - now isn't the time to sell a tax return preparation and electronic filing business. But what they don't know is that many entrepreneurs see tax return preparation and electronic filing businesses as a smart business investment.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Undaunted by economic conditions, many tax return preparation and electronic filing business sellers are achieving their sale goals through deliberate sale strategies.
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 tax return preparation and electronic filing business sale can be more complicated than selling to a stranger. If it isn't handled properly, a family sale can quickly create irreparable divisions within your family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Whether you realize it or not, your tax return preparation and electronic filing business has been an important part of your family life. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling a tax return preparation and electronic filing business has to include ample communication and shared decision-making.
Should I Hire a Business Broker?
When selling a tax return preparation and electronic filing business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your tax return preparation and electronic filing business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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