You need to get a good price for your bingo business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
(article continues below)
If you're looking for a reason to wait to put your business on the market, you'll find it. With hard work and dedication, your bingo business can be sold at or above fair market value right now.
How to Work with Business Brokers
Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the bingo business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Successfully brokered sales are based on solid relationships between brokers and sellers as well as the strict execution of a common selling strategy.
The Case for Confidentiality
Confidentiality determines risk in the business-for-sale marketplace. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Factoring In Economic Variables
When you sell a bingo business, there are a number of variables you need to consider. Interest rates, spending, inflation, and other variables directly influence how long your bingo business will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. If you don't believe your bingo business would sell for top dollar right now, what can you do to make it more attractive to the marketplace? Increase profitability? Build brand visibility?. When it comes to selling a bingo business, successful sales sales often boil down to the business itself - not the economy.
Ready to learn more? You may find these additional resources to be of interest.
If you plan on opening a bingo business, these helpul resources may be just what you've been looking for:
If you consider bingo businesses to be sales prospects, there's more applicable information for you elsewhere on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical list exit planning guides below.