Sell a Business for the Best Price
Selling a Party Lighting Business
Business-for-sale markets are susceptible to a variety of influences. As you know, the party lighting business industry has seen more than its share of fluctuations in business values. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling a party lighting business whem market conditions threaten a successful business sale.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
The business-for-sale market is extremely dynamic. Knowledgeable entrepreneurs understand that market timing isn't nearly as important as other factors in a party lighting business sale. The key is to go into the sale with your eyes open and with complete awareness of market condition.
Pre-Sale Checklist
There is a lot of work that needs to be done before you're ready to sell your party lighting business. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
When the Sale Goes Off-Course
Many party lighting 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. The remedy is professional brokerage or a consultation with more experienced sellers.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. In a party lighting business sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But great negotiation begins with knowing yourself. What is the realistic price range for your party lighting business? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
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