Niche Exit Planning Tactics
Selling a Water Meter Inspection and Reading Business
Don't believe anyone who tells you it's easy to sell a water meter inspection and reading business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a water meter inspection and reading business, capital restrictions are holding them back.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a water meter inspection and reading business.
Average Preparation Time
There are no effective shortcuts for selling a water meter inspection and reading business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey water meter inspection and reading business operation. Since all of this takes time and effort, a water meter inspection and reading business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. You can also choose to exclude certain items like equipment or inventory from the deal if the buyer isn't willing to meet your price expectations. By selling excluded assets on the secondary market, you can compensate for an anemic sale price.
Selecting a Broker
Good business brokers inevitably produce better business sales. During the selection process, look for brokers with a proven track record of successful water meter inspection and reading business sales. Take our word for it -- water meter inspection and reading businesses are unique businesses and you need a broker who understands how to properly market your water meter inspection and reading business to prospective buyers. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling water meter inspection and reading businesses.
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