Selling a business with a business broker’s input is really a team effort. These tips can make the process go smoothly:
Consult a Trusted Business Broker
Navigating such an important business transaction alone will put you at a disadvantage from moment one. Rely on your business expert to oversee all aspects, including keeping crucial information confidential.
Set a Reasonable Price
Don’t turn away potential buyers with an inflated price. With dozens of other businesses on the market to choose from, buyers will only take reasonably priced businesses seriously. Trust your seasoned broker to help guide you to the right price so that your business will sell at a fair price in a reasonable time.
Spruce Up the Place
Readying your business for sale could have a huge impact on the final sales price. Business brokers will do their part by readying a business portfolio for qualified buyers.
Business as Usual
With our help, business owners can stay focused on their day-to-day business matters. While you’re worrying about sales, profits and costs, we’re working diligently to close your sale.
Welcome and Respond to Buyer Queries
Honest, transparent interactions with prospective buyers speeds the process along. The buyer will need asset appraisals in order to secure financing. Lenders, too, will need financial statements and other related documentation.
Welcoming Numerous Bids
Be open to a competitive bidding process. If you’ve set the price right, expect interest from several potential buyers.
Negotiating Means Just That
Consult with your business broker ahead of time about what terms you cannot live with. You may be the boss in your own business but must realize the buyer may have some ideas of his own.
Don’t rule out varied scenarios when it comes to financing the closing. Your business brokers’ expertise can guide you through alternative financial terms, whether that’s accepting contingent payments or backing down from a cash-only stance.
Once your broker takes your business to market, they still need you to be engaged in the process. Be available when needed so a time schedule can be adhered to.
Be There After Closing
The new owner may need your input while they’re transitioning. Consult with your business broker regarding how to best make that happen.