Sell a Business for the Best Price
Selling a Portrait Studio
There are few things as intimidating as selling a business in a sluggish economy. Fortunately, a portrait studio sale isn't as scary as it seems.
A business exit is always a trying experience. But when you need to sell your portrait studio in a depressed economy, the challenges can seem insurmountable.
In today's market, there is still plenty of room for portrait studios that demonstrate solid earning capacity and a robust market position.
Sale Costs
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your portrait studio. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a portrait studio sale. If you need to compensate employees to assist with the sale, their services should also be considered.
What to Expect in a Portrait Studio Sale
The sale of a portrait studio can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. You can prepare yourself by talking through your emotions with friends and family members, and thoroughly evaluating your minimum requirements before you put your portrait studio on the market.
Dealing with Tire Kickers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your portrait studio. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Good business brokers are adept at separating serious buyers from the rest of the pack. Never provide detailed information about your portrait studio until the prospect has been qualified as a serious buyer.
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