Exit Planning Advice By Market
Selling an Accident Report Service
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your accident report service, it's in your best interest to maximize the sales price through the application of proven sales techniques.
You need to get a good price for your accident report service. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your accident report service can be sold at or above fair market value right now.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the accident report service on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
Signs You're in Over Your Head
It's not uncommon for the owners of small accident report services to adopt a go-it-alone sale strategy. Plenty of owners sell their accident report services unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your accident report service is priced out of the market. Hire a broker and conduct a professional appraisal ASAP.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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