Advice on Niche Market Exit Planning
Selling a Tire Customizing Business
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But tire customizing businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
There is no simple way to sell a business. But the most prepared tire customizing business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
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. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the tire customizing business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. Be prepared to experience everything from elation to remorse during the sale of your business. 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.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Sometimes, sellers need to readjust their expectations to accommodate market realties. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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