October 29, 2020  
 
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Selling a Marriage Brokers Business

The decision to sell your marriage brokers business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.

Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
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More than a few marriage brokers business sellers sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.

Advantages of Hiring a Broker

A good broker can offer several benefits to business sellers. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.

Finding Prospects

Whether you know it or not, prospective buyers for your marriage brokers business are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. 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.

Preparing Your Employees

As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. On the one hand, confidentiality is critical for a successful marriage brokers business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the marriage brokers business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.

More Exit Planning Articles

We think you may find these additional resources to be of interest.

Renewing Leases Prior to Selling a Business

Marketing a Marriage Brokers Business

Pros and Cons of Using Business Brokers


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