Niche Market Exit Planning Tips
Selling a Broken Glass Business
You've heard the naysayers - now isn't the time to sell a broken glass business. But what they don't know is that many entrepreneurs see broken glass businesses as a smart business investment.
The economy isn't the only thing that is uncertain these days. So are broken glass business buyers, many of whom are waiting to pull the trigger on their next acquisition.
Nothing lasts forever and you will ultimately be faced with the task of selling your company. And when that day arrives, you need to know how to sell your broken glass business in a way that achieves positive outcomes for you and the business.
When Is the Right Time to Sell?
If you're feeling like your tenure as the owner of the broken glass business is coming to an end, the time to sell is now. Some experts are telling broken glass business sellers to put their plans on hold until the economy fully rebounds. But despite the negativity that exists in some sectors, if you have a desire to sell your broken glass business now, there is a high probability that you can sell it in the current market. The inventory of what we consider to be quality broken glass businesses is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Leveraging External Resources
Rarely, if ever, do owners sell a broken glass business without outside assistance. Although it's wise to recruit a business broker, brokerage isn't your only concern. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. On the one hand, confidentiality is critical for a successful broken glass business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. 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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