Advice on Niche Market Exit Planning
Selling a Tennis Instruction Business
The decision to sell your tennis instruction business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
You won't find any magic formulas for selling a tennis instruction business, especially while the market is struggling to overcome the perceptions created by a down economy.
Tennis anyone? Tennis instructors can make money through private lessons, contracted club instruction, tennis center ownership and product sales.
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 tennis instruction business market and locate potential buyers ASAP.
How Much Does It Cost to Sell a tennis instruction business?
The calculation of your asking price should include a buffer to cover the expense of the sale process. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a tennis instruction business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a tennis instruction business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. However, the first step in good negotiating is to develop a sense of what you need to get out of the deal. A thorough understanding of sale price, possible concessions and other bottom line requirements gives you the ability to negotiate with confidence. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the tennis instruction business. The sale of the business will likely result in new family dynamics. Subsequently, selling a tennis instruction business often begins with a family conversation and a mutual decision to move on the next stage of life.
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