Niche Market Exit Planning Tips
Selling a Bill Payment Services Business
For the right sellers, the business-for-sale marketplace is a friendly environment for bill payment services business opportunities. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
The bill payment services business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
If you're looking for a reason to wait to put your business on the market, you'll find it. Any bill payment services business can be sold at any time -- you just need to know how to influence the right buyers.
Sweetening the Deal
Seller concessions sweeten the deal for buyers and are a necessary fixture in a sluggish economy. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. A limited amount of training and mentoring may seem inconsequential to you, but to a young bill payment services business owner, they can be critical launching points for their ownership journey.
Average Preparation Time
There are no effective shortcuts for selling a bill payment services business. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. At a minimum, plan on spending six months preparing your bill payment services business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your bill payment services business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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