Brokers are not just for yachts and real estate; many small business owners looking to cash out on their companies look to a broker to help sell their business.
Selling your small business can be complicated and involves several considerations, including time. To start with, you will need to identify why you want to sell; make sure that your business is in the shape it needs to be in to be sold; will you be able to attract a buyer?; how much might someone pay for your business?; What should you expect between now and when your business changes hands? Additionally, you will need to decide whether to enlist a broker, an accountant, or a professional to make the business sale. In this post, we will help guide you through selling your business.
Deciding to sell your business on your own or using a broker has advantages and disadvantages. If you want to sell your business, you will need to know the actual value of your business. The valuation here is important because you will need to determine the true worth of your business. It is equally important to ensure you don’t price it too high or too low. Appraising your business lets a potential buyer understand the potential of your business as a money-making enterprise and adds credibility to the asking price.
You will need to develop your marketing plan and generate a strong pool of prospective buyers to get what it is worth. With a little help from an accountant, you, as the business owner, can offer a good picture of the value of your business- after all, who besides you knows more about the business? However, going on your own can cost you time and a lot of money.
If you go on the broker route, you will understand that brokers will handle a lot of the heavy lifting, including the valuation and prospects, in exchange for a commission. They can manage the marketing and sale process while allowing you to continue running the business. Brokers have extensive experience and networks of potential buyers that can help you sell.
However, you cannot expect your broker to be more motivated, passionate, and knowledgeable about your business than you. A broker may help expedite the developing of documents and reaching out to prospects, but you will also need to step in to promote the sale of the business if you want to ultimately get a good price for it.
See more small business sales information in the original article here.
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Copyright © This free information is provided courtesy of L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. EAC220072102KT Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.