Sell a Business Tips
Selling a Special Occasion Photography Business
Most businesses are susceptible to economic conditions and special occasion photography businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
The special occasion photography business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Many business owners don't know that special occasion photography businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Signs You're in Over Your Head
It's not uncommon for the owners of small special occasion photography businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their special occasion photography businesses unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your special occasion photography business is priced out of the market. The remedy is professional brokerage or a consultation with more experienced sellers.
Leveraging Seller Concessions
It's becoming more difficult to sell a special occasion photography business without considering seller concessions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. As an alternative, clearly state that seller financing is not an option and consider offering other concessions to see the sale through to its completion.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. It is difficult for many owners to accept the cold, hard facts about their company's worth, but objectivity is the name of the game in a successful special occasion photography business sale. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
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