Dire economic forecasts have forced many filtration systems business sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
(article continues below)
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
For most owners, the hardest part of selling a filtration systems 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.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Broker vs. No Broker
When selling a filtration systems business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your filtration systems business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Ready to learn more? You may find these additional resources to be of interest.
If you plan on opening a filtration systems business, these helpul resources may be just what you've been looking for:
If you consider filtration systems businesses to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical directory of exit planning guides below.