Advice on Niche Market Exit Planning
Selling a Travel Books and Maps Business
There are no guarantees when you sell a travel books and maps business. But our tips will equip you with the information you need to increase the likelihood of a successful sales outcome.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
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. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Preparing for What's Next
The decision to sell your travel books and maps business can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. We frequently encounter business sellers who haven't thought enough about their futures to know whether certain concessions (e.g seller financing) are a real possibility. As a result, they make bad decisions during the sale and experience less-than-optimal outcomes.
Signs You're in Over Your Head
The travel books and maps business-for-sale marketplace is a mixed bag of brokered sales and solo efforts. Without brokerage, the risk of your sale going off-course is increased. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. If that occurs, it's time to bring in the professionals to get your sale back on track.
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