Business Exit Planning
Selling a Media Consultants Business
Forget about what you read in the paper -- media consultants businesses are being sold everyday and the business-for-sale market is poised for even greater growth in the months ahead.
A business exit is always a trying experience. But when you need to sell your media consultants business in a depressed economy, the challenges can seem insurmountable.
In today's market, there is still plenty of room for media consultants businesses that demonstrate solid earning capacity and a robust market position.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Signs You're in Over Your Head
It's not uncommon for the owners of small media consultants businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their media consultants businesses unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your media consultants business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
Many sellers embarked on their media consultants business sale without adequately considering the impact it will have on their families. Whether you realize it or not, your media consultants business has been an important part of your family life. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a media consultants business has to include ample communication and shared decision-making.
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