Advice on Niche Market Exit Planning
Selling a Typing and Word Processing Services Business
It's a misconception that no one is buying typing and word processing services businesses these days. Savvy entrepreneurs see typing and word processing services business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Market timing is a constantly moving target. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a typing and word processing services business sale. You just need to know your buyers and structure the deal accordingly.
Selling a Typing & Word Processing Services Business to an Employee
Employee sales have pros and cons. There are some perks to selling the business in-house. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based typing and word processing services business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Are You the Right Person to Sell Your Business?
As the owner, you are both the best and worst person to sell your typing and word processing services business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your typing and word processing services business in the business-for-sale marketplace. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the typing and word processing services business to gain an objective sense of fair market value.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your typing and word processing services business now, but that doesn't make the emotions you will experience any easier. We advise sellers to discuss their feelings with family members and close friends before, during and after the sale. 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.
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