Advice on Niche Market Exit Planning
Selling a Translators and Interpreters Business
A lot can go wrong during the sale of a translators and interpreters business in today's economy. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
It's a fact: Successful business sales take time.
The economy hasn't squashed the market for translators and interpreters businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Sale Preparation Timeframes
Preparing a translators and interpreters business sale takes time. For starters, the financials need to demonstrate a track record of profitability and growth. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your translators and interpreters business sale, it's going to take at least six months to prepare your business. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Working with Appraisers
An experienced appraiser is part and parcel of a successful translators and interpreters business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. The questions translators and interpreters business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
Share this article
Additional Resources for Entrepreneurs