Advice on Niche Market Exit Planning
Selling a Tennis Racket Restringing and Repairing Business
We hear from a lot of business owners who are timid about listing their tennis racket restringing and repairing business. Despite the mood of the market, we think there are still opportunities to receive a good price for your tennis racket restringing and repairing business. Here's what you need to know . . .
A business exit is always a trying experience. But when you need to sell your tennis racket restringing and repairing business in a depressed economy, the challenges can seem insurmountable.
Too often tennis racket restringing and repairing business sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Working with Accountants
Accountants come into play at several stages of the sale process. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. In many instances, your accountant will be invaluable in evaluating prospective buyers' financial position and buying capacity.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your tennis racket restringing and repairing business until the prospect has been qualified as a serious buyer.
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