Advice on Niche Market Exit Planning
Selling a Time Recorders and Supplies Business
Your time recorders and supplies business is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Are most buyers timid about buying a time recorders and supplies business in today's economic environment? You bet.
Yet everyday, hundreds of listed time recorders and supplies businesses manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some time recorders and supplies business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. If you aren't generating interest in the general marketplace, consider approaching companies that sell complementary products or are closely situated in your supply chain.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the time recorders and supplies business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
How Much Does It Cost to Sell a time recorders and supplies business?
The calculation of your asking price should include a buffer to cover the expense of the sale process. Good brokerage takes a 10% success fee off the top of the final sale price. Depending on your circumstances, you may also incur substantial expenses in hiring legal, appraisal and accounting professionals. If you need to compensate employees to assist with the sale, their services should also be considered.
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