September 30, 2020  
 
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How to Sell to a Business

 

Selling a Domestic Services Business

You've heard the naysayers - now isn't the time to sell a domestic services business. But what they don't know is that many entrepreneurs see domestic services businesses as a smart business investment.

Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a domestic services business sale works.
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Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your domestic services business.

Preparing for What's Next

So you've decided to sell your domestic services business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? Although next steps may seem inconsequential, they actually play an important role in shaping the structure of the sale of your domestic services business. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.

Preparing Your Employees

As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.

Professional Appraisals

An experienced appraiser is part and parcel of a successful domestic services business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. If you're disappointed with the appraiser's estimate of your company's worth, you have the option of seeking a second opinion. However, it's more often the case that you will need to adjust your expectations of your business's value to buyers.

More Info on Business Transitions and Related Articles

Ready to learn more? You may find these additional resources to be of interest.

Marketing a Domestic Services Business

Family Business Exit Plans

Entrepreneurial Exit Strategies

Selling to Competitors


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