How to Sell a Niche Market Business
Selling an Eminent Domain, Condemnation Attorneys Business
You've learned a lot during your tenure as an eminent domain, condemnation attorneys business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Too often eminent domain, condemnation attorneys business owners fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Sale Preparation Timeframes
It's critical to properly plan for the sale ofan eminent domain, condemnation attorneys business. For starters, the financials need to demonstrate a track record of profitability and growth. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Since all of this takes time and effort, a eminent domain, condemnation attorneys business can rarely be ready for the marketplace in less than six months. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Signs You're in Over Your Head
Many eminent domain, condemnation attorneys business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. Hire a broker and conduct a professional appraisal ASAP.
Sweetening the Deal
Today's eminent domain, condemnation attorneys business buyers expect sellers to offer concessions to persuade them to close the deal. Although a lower asking price is the ultimate seller concession, a price reduction isn't the only way to attract serious buyers. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. A limited amount of training and mentoring may seem inconsequential to you, but to a young eminent domain, condemnation attorneys business owner, they can be critical launching points for their ownership journey.
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