Advice on Niche Market Exit Planning
Selling a Time Cards, Racks, and Supplies Business
You've heard the naysayers - now isn't the time to sell a time cards, racks, and supplies business. But what they don't know is that many entrepreneurs see time cards, racks, and supplies businesses as a smart business investment.
We hear it all the time: "I'm waiting until the economy recovers to list my business."
Does that mean selling your time cards, racks, and supplies business will be a piece of cake? No -- but you might be surprised to learn that the time cards, racks, and supplies businesses that are selling these days are finding success though simple, common sense selling strategies.
Moving On
So you've decided to sell your time cards, racks, and supplies business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the time cards, racks, and supplies business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Should I Hire a Business Broker?
When selling a time cards, racks, and supplies business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your time cards, racks, and supplies business sits on the market. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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