Advice on Niche Market Exit Planning
Selling a Time and Temperature Announcements Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the time and temperature announcements business industry has seen more than its share of fluctuations in business values. Here's what you'll need to know to sell a time and temperature announcements business whem market conditions threaten a successful business sale.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a time and temperature announcements business.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your time and temperature announcements business can be sold at or above fair market value right now.
Identifying Serious Buyers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your time and temperature announcements business. Even though tire kickers are a fact of life in any sale scenario, they sap valuable time and energy that could be spent identifying more serious prospects. Your business broker can offer insights about how to quickly spot tire kickers. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Legal Considerations
It pays to invest in first-rate legal counsel when you sell a time and temperature announcements business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
Maintaining Objectivity
Emotions run high during the sale of a time and temperature announcements business. You have invested yourself in making your time and temperature announcements business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. 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.
Share this article
Additional Resources for Entrepreneurs