Niche Exit Planning Tactics
Selling a Writers Business
It's a misconception that no one is buying writers businesses these days. Savvy entrepreneurs see writers business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
Like it or not, a writers business sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your writers business a success.
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.
Objectivity is a rare commodity in a business sale. You have invested yourself in making your writers business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a writers business. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. Seller fatigue is a real concern - if your business sits on the market too long, you will be tempted to sell below your expectations. Time after time, sellers who hire qualified brokers are more satisfied with the sales process - and the price they receive for their writers businesses.
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized writers business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. It's common for sellers to finance as much as 70% of the purchase price with a payoff period of four or five years, sometimes in the form of a balloon payment at the end of the repayment period.
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