June 2, 2020  
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Selling a Company


Selling an Elder Care Business

A good business is about more than dollars and sense. To make your elder care business what it is today, you've had to fully invest yourself in its success. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.

The process of selling an elder care business can be one of the most stressful experiences of your entrepreneurial career.
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Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to elder care businesses that exhibit strong financials and potential for future growth.

Adjusting Expectations

When you made the decision to sell your elder care business, you had a specific set of outcomes in mind. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your elder care business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.

Finding Elder Care Business Buyers

It's difficult to predict where the buyer of your elder care business will come from. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.

Selling Time

Hoping for a quick elder care business sale? You may be disappointed. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.

More Info on Business Transitions and Related Articles

Given your interest in exit planning and in elder care businesses, you might find these additional resources to be of interest.

Marketing an Elder Care Business

Five Tips for Maximizing Your Business Sale Price

Why Hire an Exit Planning Consultant

Selling Part of a Business

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Do you have any more tips on how to sell an elder care business? If so, submit your comments and suggestions so other entrepreneurs can learn from your experience.

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