Exit Planning Strategies
Selling a Video Production Services Business
Although a video production services business may not be completely recession-proof, the best companies can survive nearly any storm. Now all you have to do is convince the right buyer that your business is built for long-term success.
Selling a video production services business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
If you're ready to move on, now is the right time to sell your video production services business.
Leveraging Industry Connections
Today's video production services business buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. More focused prospects are typically found within industry networks. Time and time again, successful video production services business sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Dealing with Tire Kickers
Many prospective buyers will have a strong desire to acquire your video production services business. The bad news is that they will lack the financial capacity to close the deal. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Good business brokers are adept at separating serious buyers from the rest of the pack. As a rule, they limit the amount of information that is provided in the initial stages of an engagement, waiting to reveal the juiciest details of the business until the prospect has been thoroughly vetted. Smart sellers may require prospects to provide background and financial information fairly early in the process as a way of verifying the financial capacity to close the deal.
Moving On
The decision to sell your video production services business can't be made without adequate consideration of what will happen after the sale. If you aren't sure what's next, you could be in trouble because future plans and selling strategy are inextricably connected. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your video production services business attractive to buyers.
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