Niche Market Exit Planning Tips

Selling a Bookbinding Business

Over the past few years, the bookbinding business industry has seen more than its share of fluctuations in business values. Sellers have adapted their strategies to accommodate changing market realities, incorporating a handful of proven techniques for selling a bookbinding business during challenging economic times.

The decision to sell a bookbinding business is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.

The economy hasn't squashed the market for bookbinding businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.

Tips for Working with A Business Broker

Many sellers employ business brokers to manage the details and direction of their sale. Brokerage is particularly common in the bookbinding business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.

Pre-Sale Checklist

There is a lot of work that needs to be done before you're ready to sell your bookbinding business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.

Workforce Concerns

Business sellers face a dilemma when it comes to their employees. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the bookbinding business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.

Share this article


Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary