Niche Market Exit Planning Tips
Selling a Backhoe Business
You've heard the naysayers - now isn't the time to sell a backhoe business. But what they don't know is that many entrepreneurs see backhoe businesses as a smart business investment.
Business buyers face their own set of frustrations and complications. Although there are plenty of entrepreneurs who want to buy a backhoe business, capital restrictions are holding them back.
Despite the conventional wisdom, we believe current economic conditions are right for selling a backhoe business. With the right information and strategy, you could be well on your way to a successful sale
What to Expect in a Backhoe Business Sale
The sale of a backhoe business can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Accurate expectations, a solid strategy and a strong support system can be valuable resources for coping with the personal impact of the sale.
The Case for Confidentiality
Highly publicized backhoe business sales are risky backhoe businesssales. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. But if word leaks out to the wrong people, your competitors can use that information to steal business and damage your credibility. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Second, a good business broker is a master at confidentiality locating backhoe business sale prospects and guiding sellers through negotiations. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
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