Niche Market Exit Planning Tips
Selling a Blueprinting Equipment and Supplies Business
A good business is about more than dollars and sense. To make your blueprinting equipment and supplies business what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a blueprinting equipment and supplies business.
There is no simple way to sell a business. But the most prepared blueprinting equipment and supplies business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Hoping for a quick blueprinting equipment and supplies business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your blueprinting equipment and supplies business, you'll need to invest as much as a year in preparing it for prospective buyers. In a good market, an attractive blueprinting equipment and supplies business can sell in as little as a few months, although it can take more than a year to find the right buyer after the business is listed.
We run into a lot of blueprinting equipment and supplies business sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your blueprinting equipment and supplies business may be a waste of time.
Preparing Your Employees
Business sellers walk a fine line when it comes to preparing their employees for a sale. On the one hand, confidentiality is critical for a successful blueprinting equipment and supplies business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the blueprinting equipment and supplies business on the market. Above all else, it's imperative to encourage your workers to maintain a positive attitude and work ethic. If you're having trouble navigating the employee minefield, consult a business broker for advice.
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