Smart Exit Planning Strategies for Niche Markets
Selling a GPS Navigation Business
No one said selling your business in a depressed economy would be easy. Fortunately, a GPS navigation business sale isn't as scary as it seems.
You won't find any magic formulas for selling a GPS navigation business, especially while the market is struggling to overcome the perceptions created by a down economy.
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 GPS navigation business.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the GPS navigation business industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling GPS navigation businesses.
Many sellers embarked on their GPS navigation business sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the GPS navigation business. The sale of the business will likely result in new family dynamics. Subsequently, selling a GPS navigation business should allow opportunities for all family members to share their feelings and offer input about the sale process.
The methods for valuing a GPS navigation business vary according to your business model and circumstances. However, there are generally three valuation methods appraisers use to determine your company's worth. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. Using recent GPS navigation business sales as its foundation, the market method factors market conditions into the valuation process. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. Sellers should take note of the fact that all three valuation methods reward businesses that takes steps to increase assets and income.
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