There are countless resources available that help small business owners start and grow their business. There are a few resources that give some tips and advice on how owners can sell their business but these are scarce and not usually comprehensive. In fact, it is that lack of resources that prompted me down the path to becoming a business broker. I saw small business owners struggling to sell their business.
Many business owners will try to sell their business on their own. Since they know the business inside out, owners assume they are the best person to sell it. Business owners who try to sell independently find themselves caught up in a long and arduous process and they end up leaving money on the table or even worse, walking away without selling the business. Statistically, it is believed that less than 5% of businesses are successfully sold by an owner.
There are numerous benefits to working with a business broker and here are three ways that it will help you sell your business.
1. Ensuring your business is ready for
- Properly evaluating and pricing the business,
- Drafting a plan for identifying and remedying deficiencies,
- Helping to create a customized business plan and exit strategy, and
- Identifying opportunities for growth and improving the financial health of the business.
A lack of seller preparation can cost owners the sale, cause the business to stagnate on the market, or result in low ball offers from potential buyers.
2. Handling potential buyers
Interviewing and screening potential buyers is a
3. Closing the deal
When an offer is made on
Business owners wear many hats and have a wide breadth of expertise and experience. This doesn’t mean they should handle the sale of their business on their own. A qualified business broker is the key to selling successfully and with less stress. If you are ready to sell your business, contact us to find out how we can help.