Mastering Niche Market Exit Planning
Selling a Network Consulting Business
You've heard the naysayers - now isn't the time to sell a network consulting business. But what they don't know is that many entrepreneurs see network consulting businesses as a smart business investment.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Undaunted by economic conditions, many network consulting business sellers are achieving their sale goals through deliberate sale strategies.
Signs You're in Over Your Head
Many network consulting business are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. If that occurs, it's time to bring in the professionals to get your sale back on track.
Average Preparation Time
There are no effective shortcuts for selling a network consulting business. For starters, the financials need to demonstrate a track record of profitability and growth. Next, the business will need to be documented in professional financial statements and manuals that facilitate the ownership transition. At a minimum, plan on spending six months preparing your network consulting business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
It's difficult to predict where the buyer of your network consulting business will come from. So you'll need to take a diverse approach to identifying prospective buyers. Many sellers achieve success by listing their network consulting businesses in multiple channels. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
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