While much of the marketing industry has moved away from traditional efforts and begun supporting their clients’ digital needs, many of the earlier companies remain in limbo. Transitioning between the two is very hard. The goals are the same, but the processes couldn’t be more different.
For that reason, we see many marketing business owners step down and let new personnel take over. The post-pandemic world has really opened its doors to new angles of marketing, and if you aren’t looking for ways to stay on the cutting edge, it will be hard to compete.
As with every other industry, marketing business owners are up against many unique challenges in the sales process that lead to them feeling lost or, even worse, caught in a bad deal. Get the most out of the sale and ensure a successful and smooth transition from the VR Business Brokers of Charlotte team. Read more to learn how to quickly sell your marketing business in Charlotte, NC while maximizing profit and minimizing risk.
HOW TO SELL A CHARLOTTE MARKETING COMPANY
Before you begin the process, you’ll want to speak to a local broker to see if now is a good time to sell a marketing business in Charlotte.
As you begin your sale, below are a few things to keep in mind.
1. BUSINESS VALUATION
Much of a marketing business’ value comes from its ideas, processes, and strategies. So, in a way, that value is largely based on the employees you retain. This sort of thing can be hard to quantify, and the last thing you want to do is leave money on the table by setting an inadequate asking price that doesn’t reflect your company’s actual value.
You’ll want to hire a third-party valuation service to avoid missing out on any potential earnings or setting an asking price so high that it repels buyers. Doing so will give you an objective estimate of the market value that takes into account:
- Seller’s discretionary earnings (SDE)
- Terms of sale
2. FORESEE BUYER REQUESTS
When it comes to prioritizing buyer needs, 60% of sellers say they put the buyer first. However, only 24% of buyers agree. You can better position your company over others and stay ahead of the curve by anticipating buyer needs.
Marketing businesses are so very unique in their structure and processes, and your buyer will need a rundown of your operations that goes beyond what services you offer and your list of clients. Consider what may be valuable knowledge about your services, accounts, financial history, and past/present clients.
To go even one step further, you should ask the buyer about their needs directly and find out what they aim to get from the sale. This will allow you to uncover more about each candidate and offer solutions or answers to questions you don’t know they have.
3. HIRE A BROKERAGE
If you’re considering selling your business, the odds are you’re already looking for or working on a new business opportunity. Or, you’re looking to hang up the career towel. In any case, you’re busy and most likely don’t have the time to handle all the intricacies of selling a business. So, save yourself the hassle by letting a broker do the hard work for you.
VR has years of experience transacting marketing business sales in Mecklenburg County. We can reduce risk and stress, all while encouraging a successful business sale. Contact the experts at VR Business Brokers of Charlotte to get started today!