Advice on Niche Market Exit Planning
Selling a Tire Additives and Sealants Business
A good business is about more than dollars and sense. To make your tire additives and sealants business what it is today, you've had to fully invest yourself in its success. Now it's time to put that same kind of focus into selling it.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
If your exit strategy involves selling a tire additives and sealants business in this environment, sellers need to make a strong case for buyers to purchase at or near the asking price.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. On the one hand, confidentiality is critical for a successful tire additives and sealants business sale. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. Consider informing your key employees first, followed by the rest of your workforce later in the process. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
It's impossible to predict the emotional highs and lows you will experience during the sale of your tire additives and sealants business. The emotions of a sale are complicated by the fact that it may take time to locate the right buyer and the final sale price may be less than you think your tire additives and sealants business is worth. Although it isn't easy, you can mitigate the emotional impact of a tire additives and sealants business sale by setting realistic expectations before you list your business.
How to Increase Sale Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a tire additives and sealants business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their tire additives and sealants businesses.
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