It's a fact: Successful business sales take time.
(article continues below)
More than a few insulated wire and cable business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
As your insulated wire and cable businesssale nears completion, there is a lot of work remaining to be done. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. Ideally, these and other post-sale details should be addressed early on. But if you haven't dealt with them yet, it's important to have a frank conversation with the buyer, your broker and other professionals as soon as possible.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your insulated wire and cable 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.
Pros & Cons of a Sale to an Employee
There are both benefits and drawbacks to selling an insulated wire and cable business to an employee. 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. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based insulated wire and cable business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Given your interest in exit planning and in insulated wire and cable businesses, you might find these additional resources to be of interest.
If starting an insulated wire and cable business is on your agenda, these guides will help you get started:
If you consider insulated wire and cable businesses to be sales prospects, this isn't the best resource for you on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical directory of exit planning guides below.