You're optimistic about the economy and so are we. Now the challenge is to convert business buyers who may have a more skeptical outlook.
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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.
Identifying Serious Buyers
If you haven't sold a business before, prepare to be overwhelmed by tire kickers -- seemingly interested buyers who lack the capacity, ability or desire to actually purchase your voltage regulators business. As a seller, it's important to separate the tire kickers from the serious buyers as soon as possible. Each tire kicker is an investment of time and energy that could be poured into finding a more qualified prospect. Your business broker can offer insights about how to quickly spot tire kickers. Never provide detailed information about your voltage regulators business until the prospect has been qualified as a serious buyer.
Due diligence has ended and you're ready to close on the sale of your voltage regulators business. All that stands between you and the sale proceeds is a few signatures, right? Not so fast. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. You, your employees and the buyer all have a stake in making sure the sale ends as smoothly as possible. If possible, work with the buyer to create a transition strategy that minimizes the impact on the business and your workforce.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
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