Smart Exit Planning Strategies for Niche Markets
Selling a Gold Panning Business
Planning and execution can dramatically influence the price you receive for your gold panning business.
Waiting for better economic times to sell your company? That's a common anthem in the small business community.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your gold panning business can be sold at or above fair market value right now.
Timing the Market
Now may be the best time to sell a gold panning business. With interest rates at all-time lows, it's easy to see why gold panning businesses are an appealing investment opportunity for savvy investors. When the economy recovers there will be more gold panning business buyers on the market, but higher interest rates could present challenges. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
How Much Does It Cost to Sell a gold panning business?
The calculation of your asking price should include a buffer to cover the expense of the sale process. Good brokerage takes a 10% success fee off the top of the final sale price. Attorneys, accountants and appraisers work for a flat fee that can range from hundreds to thousands of dollars. If you need to compensate employees to assist with the sale, their services should also be considered.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. If confidentiality is important to you (and it should be), your best bet is to consult with a professional business broker about maintaining a confidential gold panning business sale.
Share this article
Additional Resources for Entrepreneurs