Sell a Business for the Best Price
Selling a Photo Laboratories Business
Looking for shortcuts? You won't find them when you sell a photo laboratories business. In this industry, a business sale takes time, effort and dedication. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
You need to get a good price for your photo laboratories business. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Many business owners don't know that photo laboratories businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a photo laboratories business negotiation. But great negotiation begins with knowing yourself. What is the realistic price range for your photo laboratories 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. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
When the Sale Goes Off-Course
Many photo laboratories business are tempted to save brokerage fees by selling their businesses on their own. But for every successful unassisted sale, several other photo laboratories businesses sell below market value or languish on the market for years without attracting the interest of qualified buyers. 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. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. The remedy is professional brokerage or a consultation with more experienced sellers.
Average Timeframes
It's rarely possible to sell a photo laboratories business in a month or two. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. On average, it takes a minimum of six months to prepare a photo laboratories business for sale and many sellers spend a year or more positioning their business to command a higher price. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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