Selling a call center in distress is one of the hardest decisions a business owner can make. A distressed sale happens when a company can no longer meet its financial requirements and, within six months, will be unable to operate.
For years, you worked hard to build your answering service into something that made you proud. But circumstances change -- a tactical error, a health issue, a financial downturn at the worst possible time, a key employee who left with staff and clients to start a competing service, or an accountant who embezzled your cash reserves. These crises happen, and now you need to sell.
Though a distressed answering service will not bring top dollar, following these tips will help you make the best of the situation and exit as gracefully as possible.
Seek Expert Help When Selling a Call Center
When selling a distressed call center, one of the most important early steps is enlisting a trusted expert to guide you through the process. An experienced agent with a track record of marketing and selling distressed businesses will significantly improve your chances of a successful sale.
This professional can also help you get a proper valuation of your business and its assets -- giving you a solid figure to bring into negotiations with potential buyers.
Another option is a hands-off approach, where you hire someone to find the right buyer and manage the entire sale. This may be the best route if you are emotionally and physically exhausted. Either way, seek someone who will take care of you as a person and not take advantage of your situation.
Plan Your Role After the Sale
In a perfect world, what is your exit strategy? Selling a call center in distress is far from ideal, but you can still choose how you exit. Maybe you want to walk away entirely. That is fine. But you may also need a job.
Think about which part of the business you enjoy most. You may excel at customer service, have a strong sales closing ratio, or love the technology side. Yes, it is hard to become an employee at a company you once owned -- but if you can make the transition, it might be a great fit and provide a needed paycheck. Knowing your preferred role early helps guide decision-making throughout the sale.
Choose the Right Type of Sale
If your business is distressed, you only have a limited window before insolvency. You need to move fast. Determine what matters most to you: a quick exit, an ongoing role in the buyer's organization, or making some profit. Here are your options.
Open Market Sale
If your call center still has sufficient working capital while you seek a buyer, an open market sale may be the ideal scenario. This route gives you the best chance of getting a reasonable price and finding a buyer committed to turning the business around. You can walk away with a small profit and potentially keep a role.
Merger or Acquisition
Contacting a merger and acquisition firm can get the ball rolling right away. However, be prepared to sell your company for little to no profit, even if you have some assets left. In these deals, the CEO and leadership are often left behind in favor of a fresh start -- especially if the business is in trouble. This path may be one of the most emotionally difficult, but it is the most likely to help your employees keep their jobs.
Partial Sale
A partial sale can help ease distress without giving up the entire business. You might sell a market segment your call center serves or a minority stake in the business. If your priority is staying in the call center industry, a partial sale could postpone a total sale long enough for your company to recover and increase its value.
How emvia Supports the Answering Service Industry
Selling a distressed call center is difficult, but with the right support, you can do it with confidence. emvia is a sales, marketing, and consulting partner for the call center and telephone answering service industry.
Whether you are looking to buy or sell an answering service, our team can help you navigate the process. We also offer live answering solutions for home service businesses -- including HVAC, plumbing, and electrical companies -- ensuring every customer call gets answered, 24/7.
Contact emvia to arrange a private consultation about buying or selling an answering service.