September 27, 2020  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Resources for Entrepreneurs

 

Selling a Business

 

Selling an Illustrations Business

Most businesses are susceptible to economic conditions and illustrations businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.

Business buyers are a timid lot, even more so now that they are facing an uncertain economic landscape.
(article continues below)

It may require a little finesse, but if you're prepared to take the next step in your entrepreneurial career then it's time to brave the illustrations business market and locate potential buyers ASAP.

Selling an Illustrations Business to an Employee

Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Seller financing is one way to get around the capital deficit of an employee-based illustrations business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.

Dealing with Your Emotions

Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your illustrations business now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.

Leveraging External Resources

Rarely, if ever, do owners sell an illustrations business without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your illustrations business, you can avoid painful tax and legal complications both before and after closing.

More Exit Planning Articles

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

Renewing Leases Prior to Selling a Business

Marketing an Illustrations Business

Selling Part of a Business


Conversation Board

Looking for more information about how to sell an illustrations business? Then we want to hear from you! Send us your comments and questions, and we'll do our best to help you.


Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

Hoping to Open an Illustrations Business?

If starting an illustrations business is on your agenda, these helpul resources may be just what you've been looking for:

Opening an Illustrations Business

Do You Market Products or Services to Illustrations Businesses?

If you consider illustrations businesses to be sales prospects, there's more applicable information for you elsewhere on our site. These helpful guides are more appropriate for you:

Selling to Illustrations Businesses

Mailing Lists for Illustrations Businesses

More Business-for-Sale Advice and Information

If you are looking for exit plan advice for a different kind of business, please browse our alphabetical list exit planning guides below.

Browse more niche exit planning guides:

 

 

 

 

Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

Contributors

Business Glossary