Niche Exit Planning Tactics
Selling a Wire and Wire Product Manufacturers Business
Maybe you're counting on your wire and wire product manufacturers business to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
With planning and patience, most wire and wire product manufacturers businesses can be sold for a fair price in the current business-for-sale marketplace.
Many business owners don't know that wire and wire product manufacturers businesses are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Leveraging Industry Connections
Today's wire and wire product manufacturers business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. But industry connections can also be a valuable source of leads. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Before You Sell
There is a lot of work that needs to be done before you're ready to sell your wire and wire product manufacturers business. The first item on your checklist should be a reality check -- if you plan to sell your business for top dollar in just a few short months, you need to adjust your expectations%However, your first priority should be to set realistic expectations for the selling process and its eventual outcome. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
When to End Negotiations
The negotiation stage of a wire and wire product manufacturers business can seem never-ending. There are countless details that need to be hammered out before a Letter of Intent can be prepared and the process can move on to the due diligence stage. As the seller, you'll be on the front lines of negotiation and will need to know when it's time to bring negotiations to an end. It's not unusual for a wire and wire product manufacturers business sale negotiation to reach an impasse over price or other concessions. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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