Selling a Business Advice
Selling an Insurance Examinations Business
A good business is about more than dollars and sense. To make your insurance examinations business what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
In any economy, there is a right way and a wrong way to sell a business.
However, serious buyers also understand the value of a good insurance examinations business. So for insurance examinations business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Understanding Market Timing
Timing is everything when it comes to selling an insurance examinations business. Although the economy is generally struggling, low interest rates make insurance examinations businesses more attractive to entrepreneurs who want to get in the game. Sooner or later, rates will rise, increasing the risk for prospective buyers of insurance examinations businesses. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
Negotiation 101
It's critical to negotiate from a position of strength. More often than not, the person with the most knowledge will come out on top in an insurance examinations business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
When the Sale Goes Off-Course
It's not uncommon for the owners of small insurance examinations businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their insurance examinations businesses unassisted. But for every successful unassisted sale, several other insurance examinations businesses sell below market value or languish on the market for years without attracting the interest of qualified buyers. Generally, listed businesses should generate interest within a few months. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Share this article
Additional Resources for Entrepreneurs