Business Exits By Industry
Selling a Collection Agencies Business
It's a misconception that no one is buying collection agencies businesses these days. Savvy entrepreneurs see collection agencies business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
In a down economy, many collection agencies business sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of collection agencies businesses that are actually for sale.
You'll always have an excuse for not putting your business on the market. Selling a collection agencies business isn't easy, but we believe sellers can achieve their goals in any economic environment.
What to Expect in a Collection Agencies Business Sale
It's impossible to predict the emotional highs and lows you will experience during the sale of your collection agencies business. Many sellers experience discouragement during a long sale process. Although it isn't easy, you can mitigate the emotional impact of a collection agencies business sale by setting realistic expectations before you list your business.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Identifying Serious Buyers
Unfortunately, many of the prospects you will encounter aren't serious buyers. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. If you aren't sure what to look for in a serious buyer, ask your broker for advice. Never provide detailed information about your collection agencies business until the prospect has been qualified as a serious buyer.
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