Niche Market Exit Planning Tips
Selling a Boat and Yacht Insurance Business
Economic uncertainty influences the timing of many boat and yacht insurance business sales. But based on what we're seeing in the business-for-sale marketplace, we don't think economic conditions should deter you from putting your boat and yacht insurance business on the market.
The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a boat and yacht insurance business, capital restrictions are holding them back.
Most boat and yacht insurance businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Finding Prospects
Whether you know it or not, prospective buyers for your boat and yacht insurance business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. 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.
Team-Based Negotiation Strategies
Even if you hire a business broker to facilitate the sale of your boat and yacht insurance business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. Good negotiation teams support sellers, giving them insight and advice about how to overcome buyer objections and drive the process forward to a successful conclusion.
When the Sale Goes Off-Course
Many boat and yacht insurance business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. Hire a broker and conduct a professional appraisal ASAP.
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