Sell a Business Tips
Selling a Speech and Hearing Business
The decision to sell your speech and hearing business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a speech and hearing business sale works.
Too often speech and hearing business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
In a speech and hearing business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of a speech and hearing business sale. Likewise, you'll need to consider how much it will cost to promote the sale as well as the lost time it will take for you and your team to navigate the sale process.
What to Expect in a Speech & Hearing Business Sale
It's impossible to predict the emotional highs and lows you will experience during the sale of your speech and hearing business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Although it isn't easy, you can mitigate the emotional impact of a speech and hearing business sale by setting realistic expectations before you list your business.
Have Friends Who Might Like This Article?
Let them know on LinkedIn
Ready to Learn More? We Think You Might Like These Articles:
Additional Resources for Entrepreneurs