Niche Exit Planning Strategies
Selling a Drums Instruction Business
Is the economy still a little shaky for a business sale? Sure it is. Yet drums instruction businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Personal and professional concerns surround the sale of a drums instruction business. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your drums instruction business a success.
Despite the conventional wisdom, we believe current economic conditions are right for selling a drums instruction business. Here's how to do it . . .
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your drums instruction business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Negotiating Your Sale
It's critical to negotiate from a position of strength. More often than not, the person with the most knowledge will come out on top in a drums instruction business negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some drums instruction business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
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