Sell a Business for the Best Price

Selling a Personal Financial Services Business

You've learned a lot during your tenure as a personal financial services business owner. The next step is to position your business for the demands of the business-for-sale marketplace.

The buzz in the marketplace is that now isn't the right time to sell a personal financial services business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.

They require careful planning and an intentional strategy that emphasizes your personal financial services business's strengths and meets the needs of the marketplace. But for business sellers, the process begins with having the right mental attitude.

Identifying Serious Buyers

Unfortunately, many of the prospects you will encounter aren't serious buyers. Selling a business is hard enough. You can't afford to waste time on prospects that have no chance of turning their interest into an actual purchase. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your personal financial services business until the prospect has been qualified as a serious buyer.

Tips for Working with A Business Broker

Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the personal financial services business-for-sale market, where aggressive selling strategies are the norm. But a good broker doesn't relieve your responsibility for contributing to the sale process. Like it or not, you are going to be an integral player in the sale of your personal financial services business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.

Preparing Family Members

You're ready to sell your personal financial services business, but is your family prepared for the transition? 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. To keep the family intact, the sale of a personal financial services business has to include ample communication and shared decision-making.

Share this article


Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary