Personal and professional concerns surround the sale of a law enforcement business. In our experience, a common owner concern is how the sale will affect customers and employees.
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Too often law enforcement business sellers fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Leveraging Industry Connections
Today's law enforcement business buyers can be found in a variety of locations. Online business-for-sale databases like BizBuySell.com offer convenient resources for sellers interested in promoting their business to a broad prospect base. For more targeted lead generation, consider tapping into your network of industry contacts. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Average Preparation Time
Preparing a law enforcement business sale takes time. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. Unless you have already started planning for your law enforcement business sale, it's going to take at least six months to prepare your business. However, to command the highest price, you'll probably need to spend one to two years preparing and positioning your business for buyers.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your law enforcement business's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A pre-sale appraisal is a prerequisite for because it offers insights about your assets' market value before you initiate conversations with prospective buyers. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your law enforcement business.
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