Exit Planning Advice By Market
Selling an Audio Production and Recording Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet audio production and recording businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
If your exit strategy involves selling an audio production and recording business in this environment, sellers need to make a strong case for buyers to purchase at or near the asking price.
How to Increase Sale Price
A successful audio production and recording business requires an investment of both time and money. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. So what's the lesson? In most cases, hiring a business broker is one of the best things you can do to maximize sales price.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based audio production and recording business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Maintaining Objectivity
Emotions run high during the sale of an audio production and recording business. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. In our experience, the most successful sales are ones in which the seller has made an intentional effort to remain objective and set realistic expectations. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Share this article
Additional Resources for Entrepreneurs