Advice on Niche Market Exit Planning
Selling a Termite Control Business
No one said selling your business in a depressed economy would be easy. But selling your termite control business doesn't have to be as daunting as it sounds.
The termite control business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Starting a termite control company is relatively easy because the capital requirements are quite low.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your termite control business.
Seller Concessions
In the current marketplace, seller concessions can make the difference between a business sale and a termite control business that languishes on the market for months or even years. 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.
Realistic Expectations
For most owners, the hardest part of selling a termite control business is remaining objective. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Benefits of Third-Party Assistance
There are a range of professionals available to guide you through the sale of a termite control 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. In most cases, your sale strategy will call for the assistance of outside professionals at various stages throughout the process. Early recruitment makes it easier to execute your strategy without unnecessary interruptions.
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