Business Exit Planning
Selling a Medical Legal Consultants Business
It's a misconception that no one is buying medical legal consultants businesses these days. Savvy entrepreneurs see medical legal consultants business opportunities as a path to short-term profits and long-term growth. Here's what you need to know to get a fair price for your company.
The buzz in the marketplace is that now isn't the right time to sell a medical legal consultants business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
Many business owners don't know that medical legal consultants businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
So you've decided to sell your medical legal consultants business. That's great -- but have you considered what's next? Are you moving on to another business venture? Are you retiring? many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. 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.
Even if you hire a business broker to facilitate the sale of your medical legal consultants business, it's likely that you will be the front line negotiator. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. Good negotiation teams support sellers, giving them insight and advice about how to overcome buyer objections and drive the process forward to a successful conclusion.
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