These days, the prospect of selling a law publishers business is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
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The economy hasn't squashed the market for law publishers businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Dealing with Your Emotions
Coping with the emotions of a business sale can be difficult, even under the best of circumstances. You probably have good reasons for selling your law publishers business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Selecting a Broker
A good business broker is your best bet for a fast and profitable business sale. During the selection process, look for brokers with a proven track record of successful law publishers business sales. Take our word for it -- law publishers businesses are unique businesses and you need a broker who understands how to properly market your law publishers business to prospective buyers. As a practical matter, you'll also want to focus your search on brokers who have pre-existing relationships with attorneys, appraisers, and other professionals who can provide assistance at various stages of the process.
Professional appraisers can use three methods to determine the value ofa law publishers business: The income method, the asset method and the market method. The income method determines value based on the amount of income the business is expected to generate. The asset method, on the other hand, is based on the value of tangible and non-tangible assets (e.g. brands and trademarks). In many sales, the most accurate valuation comes from the market method which determines value based on the recent sales of similar businesses. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. To drive up your sale price, position your law publishers business by improving variables like assets, revenue and profitability during the years leading up to a sale.
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