Even though a recent poll showed that 50% of all Americans dream of owning a business, you may have been in the entrepreneurial game long enough and realized that this isn’t your passion. You have been wondering, how do I sell my business? If this sounds like you, then business brokers can help.
A business broker specializes in buying and selling businesses with expertise in the legal, financial, accounting, valuation, and negotiation aspects of transactions. They are experienced professionals who will guide sellers through all the steps necessary for a successful sale of their company.
A business broker is an intermediary between you and the end buyer, so communication occurs directly with them.
So, are you still wondering how will I sell my business? A business broker will help you position yourself and your company for a quick sale using the following.
1. Determining Your Exit Strategy
It’s important to have a clear exit strategy in mind for your business so that you can set the parameters for a successful sale. This will help you determine how much money or valuation is necessary to achieve the goals you’ve set for yourself.
2. Market Research on Target Buyers
A business broker will research target buyers and their financial capacity to buy the business while considering your exit strategy, motivations, and desired price range. They will use this market research data to determine where and how they advertise your business for sale.
3. Marketing of the Business for Sale
In a competitive business environment, marketing is key. Letting buyers know that your company is available and selling can be time-consuming and expensive if you don’t have sufficient knowledge or network in this area. A business broker will help determine how to reach target buyers through different media sources such as social networking sites, online portals, trade publications, newspapers, and more.
4. Work With Financial Advisors and Accountants
Your business brokerage will work closely with your financial advisor to define standard valuation metrics. This way, sellers are clear on factors used to determine a company’s worth. This will help sellers set the proper price for their business to get the most money for it while minimizing time spent on negotiations.
5. Negotiate and Close
During negotiations, a business broker will work closely with your attorney and financial advisor to reach an agreement that satisfies both seller and buyer within the set parameters and timeframe. After the deal is done, your broker will continue to provide support even after closing, helping you make sure everything is transitioned smoothly with minimal disruption of day-to-day operations.
6. Provide You Peace of Mind
An entrepreneur knows best about their company’s strengths and weaknesses. A business broker will help take the guesswork out of making these important decisions so you can focus on what matters most, your customers. A broker also provides peace of mind for sellers by working with them step-by-step to ensure they have the necessary tools to get a good deal. It can be difficult deciding if it is time to sell and start another phase in life, but by hiring an experienced business broker, you’ll be able to make this challenging decision with confidence.
Still Wondering How Do I Sell My Business?
If you’ve ever considered selling your business, one of the first questions that come to mind is, “Can I sell my business on my own?” You know what it’s worth, how it makes money, and where its shortcomings are. A broker will provide you with additional value by helping you market your business so more buyers can actually see it advertised for sale through their network of resources like other brokers and investors.
If you need help selling a business, let us put our years of experience in the marketplace to work for you. Contact us today.
