Mastering Niche Market Exit Planning
Selling a Nursing and Personal Care Facilities Business
The decision to sell your nursing and personal care facilities business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
The buzz in the marketplace is that now isn't the right time to sell a nursing and personal care facilities business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell a nursing and personal care facilities business. With the right information and strategy, you could be well on your way to a successful sale
Tips for Seller Financing
The shortage in today's marketplace isn't interested buyers -- it's capital. Financial institutions have tightened up their lending policies, making it difficult for inexperienced and undercapitalized entrepreneurs to buy nursing and personal care facilities businesses. As a result, buyers expect sellers to finance a significant portion of the sale. It's common for sellers to finance as much as 70% of the purchase price with a payoff period of four or five years, sometimes in the form of a balloon payment at the end of the repayment period.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your nursing and personal care facilities business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Maximizing Sales Price
There are no simple ways to sell a nursing and personal care facilities business. If you don't know what you're doing, your business could languish on the market for months or even years. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their nursing and personal care facilities businesses.
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