The business-for-sale market is just as frustrating for buyers as it is for sellers these days. Although there are plenty of entrepreneurs who want to buy a bankruptcy services business, capital restrictions are holding them back.
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Armed with a deliberate selling strategy, sellers of bankruptcy services businesses are finding qualified buyers, even in today's tough market.
Laying the Groundwork
In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. Professional business brokers understand buyers and know how to properly communicate a bankruptcy services business to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your bankruptcy services business on the market.
Family Business Sale Tips
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your bankruptcy services business stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Should I Hire a Business Broker?
When selling a bankruptcy services business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a bankruptcy services business. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered bankruptcy services business sale.
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