Advice on Niche Market Exit Planning
Selling a Travelers Advisory Services Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the travelers advisory services business marketplace has been a shaky environment for sellers. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a travelers advisory services business during challenging economic times.
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 travelers advisory services business.
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Selling a travelers advisory services business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Most of the time, employees also expect owners to finance a large portion of the sale. So if you aren't willing to finance the sale or need to get top dollar for your travelers advisory services business, a sale to an employee is probably not a possibility.
Sale Preparations for Your Travelers Advisory Services Business
Like it or not, a good business sale takes time. Attractive travelers advisory services business sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your travelers advisory services business, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Legal Concerns
In a travelers advisory services business sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your travelers advisory services business may be a waste of time.
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