If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
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There are many factors involved with the decision to sell a business. That's why we think it's important for lobbyists business owners to know that it's possible to sell a business in any economy. You just need to know your buyers and structure the deal accordingly.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a lobbyists business has to include ample communication and shared decision-making.
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.
Signs You're in Over Your Head
The lobbyists business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. 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. The remedy is professional brokerage or a consultation with more experienced sellers.
Ready to learn more? You may find these additional resources to be of interest.
If starting a lobbyists business is on your agenda, these guides will help you get started:
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