Selling a Business Advice
Selling an Insulated Wire and Cable Business
We hear from a lot of business owners who are timid about listing their insulated wire and cable business. Despite the mood of the market, we think there are still opportunities to receive a good price for your insulated wire and cable business. Here's what you need to know . . .
It's a fact: Successful business sales take time.
More than a few insulated wire and cable business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Post-Sale Details
As your insulated wire and cable businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your insulated wire and cable business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling an insulated wire and cable business to an employee. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based insulated wire and cable business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
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