How to Sell a Niche Market Business
Selling an Electrical Consultants Business
No one said selling your business in a depressed economy would be easy. Although it's going to take some work, there is a good chance you can still sell your company at or even above fair market value.
Although we're optimistic about the economy, we also recognize that it takes the right strategy to sell an electrical consultants business in today's market.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your electrical consultants business on the market.
Benefits of Third-Party Assistance
At some point, you're going to need help selling your electrical consultants business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Current Market Conditions
No one plans to sell an electrical consultants business in a down economy. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. But when the economy fully rebounds, a shadow inventory of electrical consultants businesses will flood the market and drive prices down even further. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell an electrical consultants business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your electrical consultants business until the prospect has been qualified as a serious buyer.
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