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 bible study school, capital restrictions are holding them back.
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If your exit strategy involves selling a bible study school these days, sellers need to make a strong case for buyers to purchase at or near the asking price.
Selecting a Broker
Good business brokers inevitably produce better business sales. No two bible study school sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling bible study schools.
Sale Preparation Timeframes
There are no effective shortcuts for selling a bible study school. For starters, the financials need to demonstrate a track record of profitability and growth. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. Since all of this takes time and effort, a bible study school 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.
Even if you hire a business broker to facilitate the sale of your bible study school, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Given your interest in exit planning and in bible study schools, you might find these additional resources to be of interest.
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