IS IT REALLY TIME TO SELL?
Selling your business is a major decision! You have devoted your time, money, and energy into building, running, and operating your business. It may well represent your life’s work. If you have already decided that now is the right time to sell, you want the very best professional you can get to guide you through the whole process, not just list it and forget it. This the difference between just getting rid of your business and selling it for the absolute best price!Following are some of the most common topics and questions frequently brought up by sellers. If you have any other concerns or questions that we did not cover here, then please don’t hesitate to contact us.
Your First Steps:
Let’s say that you have decided to at least entertain the thought of selling your business. There are key steps you will need to do before you do.The first thing you have to do is to locate all the information about the business. Below is a small checklist that will assist you:
Advice: If you’re like many of the small business owners out there, you will spend some time looking and searching for these items above. Once you gather them please spend some time to update anything that has not been updated in the recent past. You may want to get a file folder and have it all presentable for that prospective buyer. This is a vital part of selling your "baby".
Let’s be frank, if your business is not making a living wage for someone to buy this business, it probably will not be sold.
Some say Buyers buy businesses for many of the same reasons that sellers sell businesses. It is important that the buyer is as serious as the seller when it comes time to purchase a business. If the buyer is not serious, the sale will never make closing. Note a few reasons buyers buy:
In order to pursue the dream of owning one’s own business, the buyer must be able to make that “jump of faith” necessary to take the risk of purchasing and operating a business. Buyers who want to go into business strictly for the money usually are not realistic buyers for small businesses. Here is what a willing buyer should have:
Here are some questions that you might be asked and should be prepared to answer:
Appearances Do Count
Don’t assume that a new owner will want to fix or replace items that are needing repair or replacement. If not in good working order then they will want to reduce their offer price.
Eliminate the Surprises
Long before you put your business on the market, eliminate the surprises! Review every facet of the business and remedy any problems that could appear during the sale process. No one likes surprises – most of all potential buyers.
Clean up Books and Records
Remember that if the IRS ever did an audit you should have everything in order so as not to break any laws or be accused of any misleading information. Many buyers want to see how you track sales and how much it will put in their pocket. Make that easy for them to see.
We look forward to working with you in finding a suitable buyer for your business. You, as the seller, are an integral part of the total marketing program. Below you will find a few friendly recommendations that will help in our marketing efforts when you decide you are ready to sell.
Try to put yourself in the place of a prospective purchaser of the business. What would you do to make it more attractive or more sell-able? Obviously, the financial records of your business are critical to the sale of your business, but how it looks is also important. Remember that first impressions really matter! If a potential buyer doesn’t like what they see during that time, you may never have another opportunity to impress them.
If you have any questions, please don’t hesitate to call us. We look forward to hearing from you!
If you would like to register for a call back you can also go to the drop down under Selling to the Sellers Registration tab or Call today - 602-399-1466 - Ask for Bud or email to BudBizBroker@gmail.com