Niche Exit Planning Tactics
Selling a Wire and Wire Products Business
With the economy struggling to rebound, the shadow inventory of wire and wire products businesses in the business-for-sale marketplace seems to be rising. That could make this the perfect time to list a successful wire and wire products business
We hear it all the time: "I'm waiting until the economy recovers to list my business."
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your wire and wire products business.
Sweetening the Deal
Like it or not, prospective buyers are going to ask you to make certain concessions in the sale of your wire and wire products business. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young wire and wire products business owner, they can be critical launching points for their ownership journey.
Post-Sale Details
As your wire and wire products businesssale nears completion, there is a lot of work remaining to be done. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
When Is the Right Time to Sell?
When is it the right time to sell your wire and wire products business? If you're asking the question, now may be the time to put your business on the market. There are a lot of naysayers out there advising wire and wire products business sellers (or would-be sellers) to take a wait and see approach. We aren't nearly as pessimistic about the wire and wire products business marketplace. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
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