How to Sell a Niche Market Business
Selling an Employee Benefits Insurance Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the employee benefits insurance business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling an employee benefits insurance business in the current economic environment.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. There are lots of buyers who want to own an employee benefits insurance business, but have limited capital to get their foot in the door.
Undaunted by economic conditions, many employee benefits insurance business sellers are achieving their sale goals through deliberate sale strategies.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your employee benefits insurance business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
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. If you aren't sure what to look for in a serious buyer, ask your broker for advice. Never provide detailed information about your employee benefits insurance business until the prospect has been qualified as a serious buyer.
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