Smart Exit Planning Strategies for Niche Markets
Selling a Global Positioning Systems Retail Business
A lot can go wrong during the sale of a global positioning systems retail business even if the seller has previous business sales experience. With little room for error, your business sale has to feature the flawless execution of concepts that are driving today's business-for-sale marketplace.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
There is no simple way to sell a business. But the most prepared global positioning systems retail business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
Advantages of Hiring a Broker
There are many reasons why hiring a broker makes sense in global positioning systems retail business sales. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. 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.
Negotiation Teams
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your global positioning systems retail business, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
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