Exit Planning Strategies
Selling a Video Equipment and Systems Professional and Industrial Business
Don't believe anyone who tells you it's easy to sell a video equipment and systems professional and industrial business. A lot of things need to happen before you can successfully exit your business. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
To achieve your goals, you'll need to know the market as well as key business selling techniques. Since your future goals depend on the outcome of your sale, you'll need to have your head in the game from Day One.
Pre-Sale Checklist
The pre-sale checklist for a video equipment and systems professional and industrial business is long and is full of critical tasks that will likely determine the success (or failure) of your sale. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. Armed with a realistic timeframe and asking price, you can begin to consult with your broker about the best way to approach likely buyers.
Working with Appraisers
An experienced appraiser is part and parcel of a successful video equipment and systems professional and industrial business sale. Leading industry appraisers equip sellers with a value gauge that can be accessed during negotiations. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based video equipment and systems professional and industrial business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
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