How to Sell a Niche Market Business
Selling an Elevator Remodeling and Refinishing Business
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But elevator remodeling and refinishing businesses haven't been deterred. In fact, we think this economy is a ripe environment for a elevator remodeling and refinishing business sale.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
For sellers who are willing to perform adequate sale preparation, the numbers make elevator remodeling and refinishing businesses a solid investment for qualified buyers in the business-for-sale marketplace.
Sale Costs
The calculation of your asking price should include a buffer to cover the expense of the sale process. Although they can significantly increase the final sale price, brokers typically receive a 10% commission. Professional consultations can also represent a significant expense during the course of an elevator remodeling and refinishing business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Finding Prospects
Whether you know it or not, prospective buyers for your elevator remodeling and refinishing business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. Although some elevator remodeling and refinishing 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.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based elevator remodeling and refinishing business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Share this article
Additional Resources for Entrepreneurs