November 11, 2019  
 
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Selling an Analytical Testing Laboratory

Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your analytical testing laboratory, it's in your best interest to maximize the sales price through the application of proven sales techniques.

When the economy recovers, we expect to see a sudden influx of analytical testing laboratories in the business-for-sale marketplace. Although these companies have been for sale, their owners have resisted listing them until a better economy materializes.
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There are many factors involved with the decision to sell a business. So if you're waiting for the perfect market conditions to sell your analytical testing laboratory, you could be waiting a while. If your business is ready to be sold, the time to sell is now. To improve sale outcomes, you will simply need to tailor your analytical testing laboratory to today's buyers.

Handling Unexpected Outcomes

Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your analytical testing laboratory. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.

Selling an Analytical Testing Laboratory to an Employee

Employee sales have pros and cons. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based analytical testing laboratory sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.

Pre-Sale Checklist

The pre-sale checklist for an analytical testing laboratory is long and is full of critical tasks that will likely determine the success (or failure) of your sale. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.

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