Exit Planning Techniques By Market
Selling a Fire Insurance Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your fire insurance business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
You need to get a good price for your fire insurance business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
At Gaebler, we think waiting for the economy to rebound is a mistake for many business owners. Selling a fire insurance business isn't easy, but we believe sellers can achieve their goals in any economic environment.
Many sellers don't realize how many prospective buyers there are for their businesses. Although some fire insurance business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. 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.
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.
Tips for Working with A Business Broker
Brokerage is a mainstay of the business-for-sale marketplace. Brokerage is particularly common in the fire insurance business-for-sale market, where aggressive selling strategies are the norm. However, your broker will still expect you to materially participate in the sale of your business. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your fire insurance business on BizBuySell.com and other online business-for-sale sites.
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