Like it or not, a data entry business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In our experience, a common owner concern is how the sale will affect customers and employees.
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Eventually, it will the time will come to exit your business. As a consequence, you have a substantial stake in knowing how to receive maximum price for your data entry business.
Sweetening the Deal
Today's data entry business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in data entry business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
For most owners, the hardest part of selling a data entry business is remaining objective. 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.
Signs You're in Over Your Head
Many data entry business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your data entry business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
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