Selling a arbitration firm? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
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The economy hasn't squashed the market for arbitration firms. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in an arbitration firm negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
What to Expect in an Arbitration Firm Sale
The sale of an arbitration firm 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. Although it isn't easy, you can mitigate the emotional impact of an arbitration firm sale by setting realistic expectations before you list your business.
Are You the Right Person to Sell Your Business?
As the owner, you are both the best and worst person to sell your arbitration firm. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your arbitration firm in the business-for-sale marketplace. But your knowledge and personal insights about the arbitration firm are also the problem. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the arbitration firm to gain an objective sense of fair market value.
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