Niche Market Exit Planning Tips
Selling a Better Business Bureaus Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet better business bureaus businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
Undaunted by economic conditions, many better business bureaus business sellers are achieving their sale goals through deliberate sale strategies.
Leveraging Industry Connections
Today's better business bureaus business buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. For more targeted lead generation, consider tapping into your network of industry contacts. Time and time again, successful better business bureaus business sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Even though you can expand your prospect base by shouting it from the rooftops, it's probably wise to limit the release of information to the people you trust in the industry.
Emotions run high during the sale of a better business bureaus business. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Like seller concessions, buyer concessions should be addressed during negotiations, before the preparation of a Letter of Intent.
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