Niche Exit Planning Tactics
Selling a Webbing Business
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet webbing businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a webbing business.
There is no simple way to sell a business. But the most prepared webbing business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some webbing business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. 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.
Hiring an Attorney
It's obvious that you're going to need to hire an attorney to finalize the sale of your webbing business. Competent legal counsel ensures that the sale documents are in proper order. Furthermore, a good lawyers provides the counsel necessary to navigate the tax and liability issues that surround a business sale. In some cases, an attorney may also provide assistance in securing long-term leases or vendor contracts to make your webbing business more attractive to buyers. If you don't know an attorney with experience in the business-for-sale market, ask your broker for a referral.
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