17 Jan How Do I Sell My Existing Business?
For business owners who have never sold a business before, from the outside looking in, it seems like a daunting and time-consuming task. Let’s go ahead and confirm those worst fears: it is extremely daunting and time-consuming to sell a business, as this is a different type of transaction than the kind in which most people have participated. However, let’s sway those fears a little by reassuring all owners who wish to sell a business by letting them know that this is a task that one does not have to complete alone, and it is strongly encouraged that one hires a professional business broker to help execute the sale. In today’s post, we will cover the steps that business owners and their business brokers must take in order to successfully sell their business.
Before a business can be brought to market, it is imperative that an owner and their business broker sit down and completely determine the overall value of the business being sold. You and your broker must determine all tangible and intangible assets, liabilities, and annual profitability in order to accurate conduct an appraisal and valuate your business accordingly. Without an accurate appraisal, you cannot bring your business to the table and have an honest negotiation with a potential buyer. Selling a business cannot result in a fraudulent transaction, but your business broker will diligently work with your accountant and management team in order to ascertain all of the information needed to bring your business to market.
After you have properly valuated your business with your business broker, it is time to field offers from potential buyers. Finding the right buyer who will ensure the legacy that you have built with your business is not a task that will be completed overnight. There may be several potential offers, but in truth, only a handful of them, if that, will be worth your time to take into consideration. With the help of your broker, however, you can easily navigate the waters of buyers and find the correct person with whom you can begin formal negotiations, hopefully bringing the deal to a close as professionally and expeditiously as possible.
If you are in the market to sell a business, it is imperative that you employ a professional business broker that can successfully aid you in the sale. Contact Broker Matcher today!
Sorry, the comment form is closed at this time.