We hear it all the time: "I'm waiting until the economy recovers to list my business."
(article continues below)
Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell a tax consulting firm, you can - even in today's economy. We'll tell you what you need to know to achieve a successful sale outcome
When to End Negotiations
If the devil is in the details, the negotiation stage of a tax consulting firm sale is the devil's playground. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. In a tax consulting firm sale, a stalled negotiation can be an indication that the deal is dead. Since it can be difficult to tell whether the buyer is serious or playing games, it's important to know the lower boundaries of your negotiation strategy and be willing to walk away from the negotiation table, if necessary.
Advertising Your Sale
Successful tax consulting firm sales incorporate comprehensive advertising plans. But confidentiality issues are a hurdle you'll need to address before you put your tax consulting firm on the market. The knowledge that your business is being sold almost always converts into negative PR with your customers and vendors. The best way to advertise a tax consulting firm is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
Handling Unexpected Outcomes
When you made the decision to sell your tax consulting firm, you had a specific set of outcomes in mind. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your tax consulting firm. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Ready to learn more? You may find these additional resources to be of interest.
If starting a tax consulting firm is on your agenda, these helpul resources may be just what you've been looking for:
If you consider tax consulting firms to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our directory of exit planning guides below.