Niche Exit Planning Tactics
Selling a Wedding Services Business
The decision to sell your wedding services business isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
However, serious buyers also understand the value of a good wedding services business. So for wedding services business sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Closing Strategies
Today's wedding services business buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. When you've reached your limit on price, consider offering non-cash concessions to encourage a commitment from the buyer. In the current economy, seller financing is becoming common in wedding services business sales. If the prospect is inexperienced or lacks credentials in the industry, you can also offer to stay with the business for a specified period of time to help the new owner get on his feet and introduce him to your network of industry contacts.
Signs You're in Over Your Head
It's not uncommon for the owners of small wedding services businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their wedding services businesses unassisted. But for every successful unassisted sale, several other wedding services businesses sell below market value or languish on the market for years without attracting the interest of qualified buyers. 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.
What to Expect in a Wedding Services Business Sale
It's impossible to predict the emotional highs and lows you will experience during the sale of your wedding services business. Given your personal investment, you may also experience disappointment in the market's assessment of your company's value. Although it isn't easy, you can mitigate the emotional impact of a wedding services business sale by setting realistic expectations before you list your business.
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