How to Sell a Niche Market Business
Selling an Entertainment Consultants Business
Most businesses are susceptible to economic conditions and entertainment consultants businesses are no exception. But in some cases, a down economy can actually improve saleability. Now all you have to do is convince the right buyer that your business is built for long-term success.
Dire economic forecasts have forced many entertainment consultants business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Most entertainment consultants businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Post-Sale Details
Due diligence has ended and you're ready to close on the sale of your entertainment consultants business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Average Preparation Time
There are no effective shortcuts for selling an entertainment consultants business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a entertainment consultants business can rarely be ready for the marketplace in less than six months. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Negotiation Teams
Even if you hire a business broker to facilitate the sale of your entertainment consultants business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Share this article
Additional Resources for Entrepreneurs