Business Exits By Industry
Selling a Credit Union Business
It's a misconception that no one is buying credit union businesses these days. Savvy entrepreneurs see credit union business opportunities as a path to short-term profits and long-term growth. Although final sales prices vary, the best sales combine strategy and hard work to achieve desired outcomes.
Dire economic forecasts have forced many credit union business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Yet everyday, hundreds of listed credit union businesses manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
The Best Person to Sell Your Credit Union Business
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your credit union 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 credit union business to gain an objective sense of fair market value.
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 credit union business until the prospect has been qualified as a serious buyer.
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