Niche Exit Planning Tactics
Selling a Wedding Photography Business
There are no guarantees when you sell a wedding photographers business. But our tips will equip you with the information you need to increase the likelihood of a successful sales outcome.
You won't find any magic formulas for selling a wedding photographers business, especially while the market is struggling to overcome the perceptions created by a down economy.
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.
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.
Preparing Your Employees
Business sellers face a dilemma when it comes to their employees. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. 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.
Handling Unexpected Outcomes
If you're smart, you entered your wedding photographers business with a set of assumptions about what it would achieve. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your wedding photographers business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
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