Exit Planning Techniques By Market
Selling a Fire Inspection and Investigation Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet fire inspection and investigation businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Most entrepreneurs have the skills and stamina to endure and prosper during the sale ofa fire inspection and investigation business.
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.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a fire inspection and investigation business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your fire inspection and investigation business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
Adjusting Expectations
If you're smart, you entered your fire inspection and investigation business with a set of assumptions about what it would achieve. But it's highly unlikely that the sale will meet all of your expectations, especially if your initial estimates were created without the benefit of a solid appraisal or market knowledge. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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