According to the experts, there is currently a large volume of shadow inventory in the identification records service market -- businesses that are waiting to be listed until the economy recovers.
(article continues below)
Too often identification records service owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based identification records service sale can be more complicated than selling to a stranger. In fact, selling your identification records service to a family member can quickly become a no-win proposition. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Promoting an identification records service Sale
Successful identification records service sales incorporate comprehensive advertising plans. But if you think advertising your identification records service will be the same as running a product promotion, think again. Multiple factors complicate business-for-sale advertising, not the least of which is the fact that you don't want your competition to know that your company is on the market. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing identification records service sales while maintaining the confidentiality that is critical to your business.
You'll need to incorporate the cost of the sale into the calculation the minimum price you are willing to receive for your identification records service. Good brokerage takes a 10% success fee off the top of the final sale price. Professional consultations can also represent a significant expense during the course of an identification records service sale. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
Ready to learn more? You may find these additional resources to be of interest.
If starting an identification records service is on your agenda, these helpul resources may be just what you've been looking for:
If you consider identification records services to be sales prospects, 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 alphabetical directory of exit planning guides below.