Niche Exit Planning Tactics
Selling a Weather Vanes Business
Don't believe anyone who tells you it's easy to sell a weather vanes business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
You've invested too much in your weather vanes business to let it be sold for less than its worth. But unless you adequately prepare for the sale, some lucky buyer may walk away with a huge discount.
But they're also savvy enough to know a good deal when they see it. So for weather vanes business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
The Best Person to Sell Your Weather Vanes Business
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your weather vanes business in the business-for-sale marketplace. The problem is that your passion for your business can also sabotage your sale. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the weather vanes business to gain an objective sense of fair market value.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. The more people who know that the business is on the market, the riskier the sale becomes. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some weather vanes business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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