Profitable Niche Market Exit Plans
Selling an Odor Elimination and Control Service
A good business is about more than dollars and sense. To make your odor elimination and control service what it is today, you've had to fully invest yourself in its success. To see your ownership role through to completion, you will need to exhibit similar diligence in selling your company.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
Many business owners don't know that odor elimination and control services are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Preparing Family Members
Many sellers embarked on their odor elimination and control service sale without adequately considering the impact it will have on their families. In many cases, we find that even though business owners are equipped to handle their ownership exit, their family members are having a hard time letting go of the business, especially if family life has revolved around the demands of the odor elimination and control service. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling an odor elimination and control service has to include ample communication and shared decision-making.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. 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 odor elimination and control service. If price is the most important outcome, you may need to agree to seller financing or other concessions. If a fast sale is the highest priority, you may need to lower the asking price to quickly capture the attention of the marketplace.
Dealing with Buyers
Buyers can present challenges, especially during the due diligence stage. The questions odor elimination and control service ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. Refer to the Letter of Intent to determine how to wrap up due diligence and move the buyer on to closing.
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