February 17, 2020  
 
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Selling a Business

 

Selling a Skip Tracing Business

Does the economy have you down? For exiting owners, the idea of listing their company now can be terrifying. Fortunately, a skip tracing business sale isn't as scary as it seems.

Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a skip tracing business sale works.
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Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a skip tracing business.

Legal Considerations

It's obvious that you're going to need to hire an attorney to finalize the sale of your skip tracing business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your skip tracing business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.

When Is the Right Time to Sell?

When is it the right time to sell your skip tracing business? If you're asking the question, now may be the time to put your business on the market. Some experts are telling skip tracing business sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the skip tracing business marketplace. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.

Finding Skip Tracing Business Buyers

Buyers of skip tracing businesses run the gamut. Some are seasoned skip tracing business veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. 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.

More Exit Planning Articles

Given your interest in exit planning and in skip tracing businesses, you might find these additional resources to be of interest.

Marketing a Skip Tracing Business

Renewing Leases Prior to Selling a Business

Role of Location In Selling a Business

Entrepreneurial Exit Strategies


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