You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling an event planning business.
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They require careful planning and an intentional strategy that emphasizes your event planning business's strengths and meets the needs of the marketplace. But for business sellers, the process begins with having the right mental attitude.
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. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Tips for Working with A Business Broker
Many sellers employ business brokers to manage the details and direction of their sale. It's typical for event planning business to rely on brokers to reduce market time and increase the final sales price. But a good broker doesn't relieve your responsibility for contributing to the sale process. Like it or not, you are going to be an integral player in the sale of your event planning business. To maximize your broker's potential, conduct periodic consultations throughout the process and deliver requested information as quickly as possible.
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.
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