When it’s time to sell the first step is finding the right business broker. The fact is that no one knows more about your business than you. Another fact is that there is no one more capable of selling it than the right business broker.
You may know all the nuances of your business, after all you built it, and you run it. However, an experienced business broker knows the nuances of how to market, negotiate and obtain the best offer for your business after you have made the decision to sell. In addition, a business broker will uphold the utmost confidentiality when it comes to your sale. This very important piece of the puzzle is often overlooked as a necessity.
Time is an Asset
When a business is up for sale, it is important that its assets are maximized and maintained. This means that your time is best spent continuing to run the business at peak performance while it is on the market. It is tempting because of your deep understanding of the business to try to sell it yourself, however the first question to ask is do you have the time to dedicate to selling it?
Your time even after deciding to sell is an asset of the business that will enhance its value. The more time spent trying to sell the business means the less time that is being dedicated to the business. Even a small drop in sales because your attention is elsewhere can be detrimental to the value of the business.
It is true that a business broker may not know the particulars of your business, but they do know the nuances of how to achieve the highest price for a business. Time is an asset that the right business broker will bring to the sale of any business.
The Skills That the Right Business Broker Brings to the Sale
The sale of your business is a priority to the experienced business broker. It is not a part-time endeavor. They are not juggling a business while trying to sell yours; their business is selling your business. This is the number one fact to remember when you try to sell a business on your own: you are splitting your time between trying to run the business and trying to sell it.
Usually this requires starting from scratch with some how to search on the net or with books. Business Brokers know the keys to selling a business, as it's what they do every day. For a worthwhile commission successful business brokers bring a wealth of knowledge to the table.
This brings us to the second step after deciding to sell a business. The time spent trying to learn how should be spent searching for who. Spend time researching the records, references, and reviews of business brokers who can best represent your sale.
Business brokers can effectively sell a business because they have:
- Proprietary contacts with vetted buyers who are searching for business opportunities
- Marketing knowledge of where and how to best advertise your type of business for sale
- Relationships with other business brokers who have vetted buyers
- Valuation, and negotiating skills
- Confidentiality in navigating the communication and process
Professional business brokers have contacts with necessary professionals who will perform necessary due diligence throughout the process. Professional business brokers work with and have access to accountants, attorneys as well as financial institutions.
For Sale by Owner or Sold by Transworld Business Advisors
Everyone knows the pitfalls of putting the “for Sale by Owner “sign on a car. A flood of calls from buyers who are not serious causes wasted time. Every “serious” buyer wants to negotiate the price lower, and, in the end, it might have been a better deal to trade it or sell it to the dealer. All the negatives of the “for Sale by Owner” sign on a car is magnified when that sign is on a business.
Business owners who have come to that fork in the road when it is time to sell the business should contact Transworld Business Advisors of Cleveland West for a FREE Consultation. With over 10,000 businesses sold in 40 years, and 600 plus brokers across more than 250 worldwide offices finding the right business broker is easy.