Selling a Business Advice
Selling an Individual and Family Services Organizations Business
Forget about what you read in the paper -- individual and family services organizations businesses are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
The economy isn't the only thing that is uncertain these days. So are individual and family services organizations business buyers, many of whom are waiting to pull the trigger on their next acquisition.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your individual and family services organizations business.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based individual and family services organizations 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. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Adjusting Expectations
If you're smart, you entered your individual and family services organizations business with a set of assumptions about what it would achieve. 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. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your individual and family services organizations business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Share this article
Additional Resources for Entrepreneurs