Assign a Realistic Value to Your Financial Services Company
If you own a car in the financial service business, you should add it to the hard assets list. The liquidation value includes the amount of money that you could generate by selling these used hard assets. Keep into mind that liquidation value doesn’t include the pay outs of the loans that are connected with the hard assets.
The high end of the range is calculated by analyzing the annual revenues. This will help you estimate how much a new acquirer could bring in on annual basis if all of your regular clients stayed with the new acquirer. Once you’ve the bottom and the top end of that range, your financial services company is worth something between. In order to determine where the sale price falls into that range, you need to conduct some research. Another thing that you can do is talk with financial advisers to find out what is the going value in your community.
Completing the Financial Services Company Sale
Your main focus should be on keeping the larger number of clients in the practice when you sell your financial services company. To do so, you will have to take some important steps to manage the transition carefully. One way is to have all your clients meet with you and the new owner in order to discuss the transition and the portfolios of your clients.
Put the above mentioned things into practice in order to sell your financial businesses without any problem.
Most first time sellers think that it is enough to get their financial information together to sell their business. They make some serious mistakes that significantly minimize their odds of achieving a successful sale deal. If you are considering selling your social businesses, make sure you don’t make these mistakes. These mistakes are discussed below.
Signing an Open Listing
Most first time sellers think that signing an open listing might give them the upper hand. They have this misconception that by choosing this option it is safe for them to engage more than one business brokers to find a buyer, and retain all rights to sell the company yourself and avoid a commission expense altogether. This selling approach actually works exactly like this. In this case, as a seller you are free to sell your social business company to any buyer you want without having any obligation to the broker. The open listing agreements impose little responsibility on both parties. In other words, it isn’t enough to motivate the broker to work hard to find a potential buyer for your company. It can also lead to any dispute later on. These selling approaches rarely results in a satisfactory outcome.
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