So you have decided to sell your image editing & clipping path agency? Next you will need to find a real buyer. Common strategies to sell this kind of business is have your agency listed with a business broker, selling it to your competitor who is considering expanding, and posting business for sale ads. Do you know that there are some other strategies that you can use to sell your image editing & clipping path? These strategies are not commonly used due to which some sellers are skeptical about these strategies, but it won’t hurt to know all of the options that you can use. Let’s have a quick look at the three less common approaches that can be used to sell image editing & clipping path.
Employee Stock Option Program
This approach is applicable to a big image editing & clipping path agency that is operating on a wider and bigger level, and has a good number of employees. This approach allows some of your employees set their wages and salaries aside into a fund. This fund will be used to buy out the owner at a specific date in the future. In order for this option to work for you, you and your employees should think about setting this fund at least 5 years before the time they would want to purchase your clipping path & image editing business. This fund is set up by a solicitor and it is administered by a financial institution, such as a bank. This approach has some great advantages, such as you don’t have to market the sale of your company, buyers are familiar with your company, and they don’t have to worry about raising money to make the purchase.
Selling Your Business to a Family Member
This is another less common approach that you can use. You can sell your image editing & clipping path company to a qualified family member or you can turn it over to your children, grandchildren or any other member of family. This approach was very popular in the past, but it has become unpopular these days, as younger generation rarely shows any interest in their family’s business. When using this approach you have to be extra careful and make sure you don’t mix business with family.
Sell to Newly-Unemployed Individuals Who Are Would-Be Entrepreneurs
Newly-unemployed individuals can purchase your image editing & clipping path. This is mainly because many of them may have an urge to become entrepreneur in order to get out of the rat race. You can easily get hold of these individuals with the help of outplacement organizations. These organizations are working as part of big corporate or independently. These organizations have the main purpose of helping laid off employees find new work. An outplacement agency can be your best source to find a potential buyer for your image editing & clipping path.
There you have it! These three less common approaches can come in handy in the event when you have failed to find a potential buyer with other strategies.
One popular alternative financing source is your retirement fund. You can borrow a small chunk of money from this fund. You can use these funds to make down payment or to bridge the gap between the funding you qualify for through your lender. Before you plan to use borrow from retirement funds, it is advisable to take a close look at your financial situation and your retirement plans. This will help you make you a wise decision about using this revenue source. It would be wise to consult a financial adviser before borrowing money from this fund. This is because it may have an impact on your business purchase and on other things, such as your retirement plans.