How to Sell a Niche Market Business
Selling an Economics Research Firm
No one said selling your business in a depressed economy would be easy. But selling your economics research firm doesn't have to be as daunting as it sounds.
The decision to sell an economics research firm is never easy. In our experience, a common owner concern is how the sale will affect customers and employees.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to economics research firms that exhibit strong financials and potential for future growth.
Preparing Family Members
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. The decision to sell an economics research firm has to include ample communication and shared decision-making.
Sweetening the Deal
Today's economics research firm buyers expect sellers to offer concessions to persuade them to close the deal. Although a lower asking price is the ultimate seller concession, a price reduction isn't the only way to attract serious buyers. In fact, many concessions have little or no financial impact, but go a long way toward making the deal more palatable to young entrepreneurs. In the current economy, seller financing is becoming common in economics research firm 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.
Tapping Into Business Networks
There are a lot of different places to look for economics research firm buyers. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. Time and time again, successful economics research firm sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
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