Selling a Business Advice
Selling an Image Consulting Firm
Don't believe anyone who tells you it's easy to sell an image consulting firm. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Dire economic forecasts have forced many image consulting firm sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Armed with a deliberate selling strategy, sellers of image consulting firms are finding qualified buyers, even in today's tough market.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your image consulting firm. 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.
Professional Appraisals
An experienced appraiser is part and parcel of a successful image consulting firm sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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