Niche Exit Planning Tactics
Selling a Workers' Compensation Consulting Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet workers' compensation consulting businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
The economy hasn't squashed the market for workers' compensation consulting businesses. And the ones that are commanding the highest price tags are the ones with sellers who are committed to the sale process.
Selling to a Family Member
There is no easy way to sell a workers' compensation consulting business, not even to a family member. In fact, selling your workers' compensation consulting business to a family member can quickly become a no-win proposition. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
The Best Person to Sell Your Workers' Compensation Consulting Business
There are benefits and drawbacks to handling the sale of your workers' compensation consulting business on your own. Few people know your business as well as you do. The problem is that your passion for your business can also sabotage your sale. Business owners are subjective and biased about their company's true worth. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful workers' compensation consulting business sale.
Advertising Your Sale
Successful workers' compensation consulting business sales listings are intentionally promoted to the right prospects. But confidentiality issues are a hurdle you'll need to address before you put your workers' compensation consulting business on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing workers' compensation consulting business sales while maintaining the confidentiality that is critical to your business.
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