Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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At Gaebler, we're seeing library management and research services business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
There is a lot of work that needs to be done before you're ready to sell your library management and research services 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. Once your expectations are in the ballpark, you can move on to making your business presentable to prospective buyers.
Leveraging External Resources
At some point, you're going to need help selling your library management and research services business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
Given your interest in exit planning and in library management and research services businesses, you might find these additional resources to be of interest.
If starting a library management and research services business is on your agenda, these guides will help you get started:
If you want information on how to sell to library management and research services businesses, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our directory of exit planning guides below.