Sell a Business for the Best Price
Selling a Project Management Business
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your project management business, it's in your best interest to maximize the sales price through the application of proven sales techniques.
According to the experts, there is currently a large volume of shadow inventory in the project management business market -- businesses that are waiting to be listed until the economy recovers.
The economy hasn't squashed the market for project management businesses. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Workforce Concerns
Business sellers walk a fine line when it comes to preparing their employees for a sale. The more people who know that the business is on the market, the riskier the sale becomes. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. Consider informing your key employees first, followed by the rest of your workforce later in the process. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Timing the Market
Now may be the best time to sell a project management business. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on project management businesses. When the economy recovers there will be more project management business buyers on the market, but higher interest rates could present challenges. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of a project management business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Other early hires include the professionals you will need to valuate the business, prepare financial statements and navigate legal considerations. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.
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