You need to get a good price for your accident report service. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
(article continues below)
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your accident report service can be sold at or above fair market value right now.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the accident report service on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
Signs You're in Over Your Head
It's not uncommon for the owners of small accident report services to adopt a go-it-alone sale strategy. Plenty of owners sell their accident report services unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. Generally, listed businesses should generate interest within a few months. Likewise, if buyers seem to express interest but quickly exit when you quote the asking price, it's a sign that your accident report service is priced out of the market. Hire a broker and conduct a professional appraisal ASAP.
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.
Given your interest in exit planning and in accident report services, you might find these additional resources to be of interest.
If you plan on opening an accident report service, these helpul resources may be just what you've been looking for:
If you want information on how to sell to accident report services, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, try our list of exit planning guides below.