Advice on Niche Market Exit Planning
Selling a Tap and Die Business
The sale of a tap and die business can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Today's tap and die business buyers tend to be more skeptical than most about the nation's economic outlook.
At Gaebler, we're seeing tap and die business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Leveraging Industry Connections
These days, tap and die business buyers are an extremely diverse group with backgrounds in and outside of the industry. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. More focused prospects are typically found within industry networks. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.
Advertising Your Sale
Successful tap and die business sales incorporate comprehensive advertising plans. But if you think advertising your tap and die business will be the same as running a product promotion, think again. Multiple factors complicate business-for-sale advertising, not the least of which is the fact that you don't want your competition to know that your company is on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. The best way to advertise a tap and die business is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
Sweetening the Deal
Seller concessions sweeten the deal for buyers and are a necessary fixture in a sluggish economy. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. If you aren't familiar with typical tap and die business concessions, consult with a professional to learn how you can build incentives into your deal.
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