Sell a Business for the Best Price
Selling a Plotting Services Business
The sale of your plotting services business is the culmination of this stage of your entrepreneurial journey. Although most business owners expect a storybook ending, it will take the careful application of sound selling principles to bring your sale to a successful conclusion.
You need to get a good price for your plotting services business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
The economy hasn't squashed the market for plotting services businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Average Timeframes
It's rarely possible to sell a plotting services business in a month or two. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your plotting services business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive plotting services business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
Valuation Methods
Multiple valuation methods exist for a plotting services business. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. Using recent plotting services business sales as its foundation, the market method factors market conditions into the valuation process. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. Sellers should take note of the fact that all three valuation methods reward businesses that takes steps to increase assets and income.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your plotting services business. A good lawyer serves a variety of functions during the process. In addition to reviewing the letter of intent, sales contract, and other documents, your attorney should be capable of advising you about due diligence and the tax consequences of the sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
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