Advice on Niche Market Exit Planning
Selling a Television and Radio Advertising Production Business
Selling a television and radio advertising production business doesn't happen overnight. It takes a deliberate process to get top dollar for your company.
In a down economy, many television and radio advertising production business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of television and radio advertising production businesses that are actually for sale.
It may require a little finesse, but if you're prepared to take the next step in your entrepreneurial career then it's time to brave the television and radio advertising production business market and locate potential buyers ASAP.
Working with Appraisers
Next to your broker, a skilled appraiser is the person most capable of adding value to the price of your television and radio advertising production business. By hiring an appraiser to conduct a thorough appraisal of tangible and non-tangible assets prior to listing, you get a measure of the true worth of your business. Although the appraised value of your business may not be the same as the sales price, you gain valuable insight that can be used to your advantage during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your television and radio advertising production business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Workforce Concerns
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. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
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