09 Feb Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Business.com entitled “10 Things to Do Before Selling Your Business” offers advice for business owners to help foster a successful sale. Selling a business requires preparation, homework and patience.
10 key steps to successfully selling a business include:
- Determine your business value
- Seek legal and financial expertise
- Hire a professional business broker to list your company
- Set a realistic asking price
- Get your paperwork in order
- Separate your personal expenses from the business
- Get offers in writing
- Improve your curb appeal
- Tie up loose ends
- Keep quiet until the sale is finalized
A recent article from Transworld Business Advisors entitled “How Quickly Can I (or Should I) Sell My Business?” explores the scenario of a business owner needing to sell quickly. While typically it takes a long time and a complex process to successfully sell, sometimes this timeline needs to be sped up.
Common reasons for an urgent sale include sudden personal happenings, market changes, and new time-sensitive opportunities.
Even when a sale needs to be accelerated, there are certain steps that still need to be taken. A business broker can help you efficiently find and screen buyers, prepare the business for sale, and guide negotiations.
To help speed up the sale process, cast a wide buyer net while targeting those who are most likely to be a fit, and also add buyer incentives.
A recent article from Sunbelt Network entitled “The Best Way to Sell a Small Business” offers helpful tips for business owners who are looking to sell their business. This is a significant event and it’s important for the owner to walk away with a successful outcome.
An owner may be able to sell directly to a family member, partner or employee. If this is not the case, then it’s time to hire a business broker to begin the process of selling to an outside buyer.
A business broker performs several key tasks including valuing the business, marketing the business to buyers in an attractive manner, screening buyers, protecting confidentiality, and coordinating negotiations. The broker handles these time-consuming tasks so the owner can keep the business operating smoothly throughout the sale process.