You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a legal photographers business.
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A business sale is always a sophisticated transaction and if you aren't prepared for it, your legal photographers business sale could have an unexpected outcome. To stay on course, you'll need sound strategy and meticulous execution on your side.
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your legal photographers 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.
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. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
Laying the Groundwork
Effective legal photographers business preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a legal photographers business to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your legal photographers business on the market.
Given your interest in exit planning and in legal photographers businesses, you might find these additional resources to be of interest.
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