September 23, 2020  
 
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Selling a Business

 

Selling a Custom Maps Business

The decision to sell your custom maps business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.

The economy isn't the only thing that is uncertain these days. So are custom maps business buyers, many of whom are waiting to pull the trigger on their next acquisition.
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There is no simple way to sell a business. But the most prepared custom maps business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.

Current Market Conditions

No one plans to sell a custom maps 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. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your custom maps business as attractive as possible so to buyers right now.

Equipment and Inventory Concerns

During due diligence, the buyer will undoubtedly conduct his own appraisal of your custom maps business's physical assets. Your appraisal should occur before you put your business on the market. Without an accurate assessment of asset values it's impossible to intelligently negotiate on price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your custom maps business.

Sale Costs

You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your custom maps business. Hiring a broker is a mixed bag because although brokers can increase the sale price, they also take a 10% fee. Professional consultations can also represent a significant expense during the course of a custom maps business sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.

More Info on Business Transitions and Related Articles

We think you may find these additional resources to be of interest.

Marketing a Custom Maps Business

Five Tips for Maximizing Your Business Sale Price

Why Hire an Exit Planning Consultant

Terms of Investment Banking Agreement


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