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HOW TO SELL YOUR BUSINESS WITH THESE 10 EASY STEPS

HOW TO SELL YOUR BUSINESS WITH THESE 10 EASY STEPS

  1. You may or may not have a good reason to sell your business. Some business owners find that they cannot sustain growth, many times due to absent employees or ill-mannered staff. Any serious buyer is going to ask you this question. What are your reasons for selling your business. As the reason becomes more valid, you will find more serious potential buyers. Our team helps find you the right buyer when a business is for sale.
  2. Don’t force yourself out of business. In other-words, it’s not a good idea to wait until the last minute to sell your business. A bad day no matter if it’s economically or even emotionally, you do not want to make a decision to sell your business driven by anxiety. This is considered a terrible time to negotiate a deal for the business sale. The best time to sell is in the busy season. Where, a prospective buyer can see day-to-day business activity.
  3. Find a business broker such as buy sell business to help with the selling process as an outside professional. A business broker will separate emotions from executive decision making. This process will more often than not provide a higher return price than you might obtain on your own. Your broker will highly recommend confidentiality to protect you and your business. A business broker will help you in the following ways:
    1. Establish a fair market value for my business.
    2. Prepare marketing strategies to present to potential prospects.
    3. Buyer screening and Buyer education.
    4. Show your business confidentially and discretely.
    5. Walk-through the transaction through closing.
    6. Represent your business in negotiations.
  4. If you have decided to sell your business, as well as after having spoken with a business broken, now you need to gather the marketing information needed to successfully sell the business. We insist that you don’t be intimidated by your numbers. Simply collect the information that you have, and that you are willing to disclose with our brokers. The following are the key items addressed:
    1. Copies of any leases such as Building or Equipment.
    2. Copy of real estate lease or appraisal.
    3. 1-3 Years of P/L (profit/loss) statements.
    4. List of company furniture, fixtures, equipment, and other hardware.
    5. Federal income tax returns for the business.
    6. Approximate valuation of current levels of inventory (provided by purchase orders or a certified appraisal).
    7. List of business loans, balances, and other payments.
    8. Franchise agreement if applicable.
  5. As a business owner, you are the marketing team. Support our brokers by accurately answering questions and discussing daily operations. You know your business better than anyone! So please help in showing this through the information provided with your business.
  6. Why should you use confidentiality to sell your business? Well, confidentiality goes both ways. Our professionals will always stress the importance of confidentiality between prospective buyers. However, as the seller you must al maintain confidentiality while assisting your broken to build the image value of your business to the prospective buyer.
  7. When a business is for sale, you should try to view the scenario from all perspectives. Every time you go into your place of business, pretend that you are a buyer looking at the operation for the first time. Are you enjoying the atmosphere? How impressed are you? What can or should be improved with the presentation? This is your selling opportunity, and the first impression is key to your success.
  8. Some sellers tend to decrease the value of their business by putting it up for sale. It’s important for any buyer to see your business in prime performance. Here are a few focus area:
    1. Keep normal operating hours.
    2. Repair any broken equipment or remove it.
    3. Repair signs, replace lights.
    4. Clean up your displays.
    5. Remove or disclose information on items that should not be included in the sale.
  9. Keep an open mind. Your broker has an obligation to ensure that any and all offers received. This means you’ll have multiple options to evaluate. We’ll also ensure any offers under your minimum accepted cash-offer are withheld to help save time. Don’t be insulted by low offers, this is a start. You’ll need to continue to keep up operations until and once an offer has been presented. Our brokers will study the offer in detail, very closely. You may not receive your asking price, the offer may have other points that will offset value. It may have additional terms to read through. Finding a buyer is more so about the buyer than it is about the prospective sale amount. Moreover, and with this in mind, we’ll try to get you close to what you desire as the sale amount. With a counter-offer, you should only counter on points that are really important to you. Otherwise the prospective buyer may lower their offer, or someone else buys it at a cheaper price. If we can make the sale close to your asking price, it’s highly recommend to accept the offer. The amount of time it takes to find a buyer resets when a buyer backs-off, and there are no sure things. It’s on you to exceed your broker’s expectations, and guidelines, as well as your prospective buyers time and money.
  10. Remember that the most successful transactions and business for sale are successful because they create a winning scenario, for both the buyer and the seller. The buyer can buy a business, the seller can sell a business. Both parties must come to an agreement. And then close the deal with 100% guaranteed satisfaction.

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