Niche Market Exit Planning Tips
Selling a Bins Business
Don't believe anyone who tells you it's easy to sell a bins business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Selling a bins business? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
A business sale is always a sophisticated transaction and if you aren't prepared for it, your bins business sale could have an unexpected outcome. To stay on course, you'll need sound strategy and meticulous execution on your side.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for bins business sellers. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. Despite the risks, sellers need to be cognizant of the fact that there is a large volume of bins businesses waiting to be listed until the economy rebounds. When that happens, the buyers' market will become even stronger and have a negative impact on prices. The simple truth is that the economy shouldn't dictate whether or not now is the right time to sell a bins business. Your individual circumstances and personal goals are more influential factors in determining when it's time to put your business on the market.
The Best Person to Sell Your Bins Business
There are benefits and drawbacks to handling the sale of your bins business on your own. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your bins business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the bins business to gain an objective sense of fair market value.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. In a down economy sellers become bankers; an unwillingness to finance at least part of the sale of a bins business can translate into a dead deal. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
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