Business Exits By Industry
Selling a Court and Convention Reporters Business
No one said selling your business in a depressed economy would be easy. Fortunately, a court and convention reporters business sale isn't as scary as it seems.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
At Gaebler, we're seeing court and convention reporters business sellers succeed by applying sound sales principles combined with a refusal to be intimidated by a down economy.
Handling Unexpected Outcomes
When you made the decision to sell your court and convention reporters business, you had a specific set of outcomes in mind. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Sometimes, sellers need to readjust their expectations to accommodate market realties. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
What About Market Conditions?
No one plans to sell a court and convention reporters business in a down economy. 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 court and convention reporters 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. Like it or not, the time to sell your court and convention reporters business may be right now, as long as your willing to adequately prepare your business for the marketplace.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based court and convention reporters business sale can be more complicated than selling to a stranger. In fact, selling your court and convention reporters business to a family member can quickly become a no-win proposition. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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