Advice on Niche Market Exit Planning
Selling a Translators Equipment and Systems Business
A good business is about more than dollars and sense. To make your translators equipment and systems business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
There are many factors involved with the decision to sell a business. So if you're waiting for the perfect market conditions to sell your translators equipment and systems business, you could be waiting a while. If your business is ready to be sold, the time to sell is now. The key is to go into the sale with your eyes open and with complete awareness of market condition.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Closing Strategies
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your translators equipment and systems business. Although a lower asking price is the ultimate seller concession, a price reduction isn't the only way to attract serious buyers. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young translators equipment and systems business owner, they can be critical launching points for their ownership journey.
Broker vs. No Broker
When selling a translators equipment and systems business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your translators equipment and systems business sits on the market. A highly skilled broker can compensate for his commission by selling your business for a significantly higher price than you could achieve on your own. But whether you use a broker or not, you may want to list your translators equipment and systems business on BizBuySell.com and other popular online business-for-sale listing sites.
Share this article
Additional Resources for Entrepreneurs