Sell My Business - 7 Must Ask Questions
Selling a Business is an involved process; it will take longer than you think. Do not delay starting when you have determined it is time. Weigh the positive and negative points in relation to: Selling or not selling. Once you have decided to sell lots of questions will arise.
7 Must Ask Questions when I want to Sell My Business:
Why am I selling?
What is the asking price?
When is this the right time to sell?
How do I reach out to buyers?
List on line and sell myself or list with broker?
Should I hire a lawyer?
Should I keep sell confidential?
All these are difficult and overwhelming questions that will have to be addressed. Answering the questions will give some relief from feeling of being overwhelmed, not knowing where to start. After working through these questions you will be able to make a educated decision. Remember there is large numbers of businesses sold every day so it can be done and in a comfortable manner when you find answers to the questions. Selling your company may be the most important business decision you ever make.
You may be getting burned out! May be time to retire, time to start something different, sell take capital and try a new vision. There are lots of reasons to sell just make sure you are doing it for the right reason and one you are comfortable with.
The asking price is one of the most important decisions. Go on line to Bizlocal.com and get the basic formula to evaluate the business are contact and they will walk you through the process. Contact a Broker and they will walk you through the process. Do not think because it is yours it is worth too much, a business is only worth the market value. Ask too much and no one will take the time to look, so price at market value and it will sell. Most sales take about nine months to a year, some sell fast and some take up to two years. So get started.
This is a numbers game the more people exposed to your business the sooner you will find someone interested in buying the business at its location and type.. Brokers us the web based listing company’s such as Bizlocal.com and others to get the largest number of buyers to view a business for sale.
The big question is sell the business yourself or list with a broker? Brokers offer contacts in their system and they list with various on line web platform. Brokers will provide help with evaluations, forms, advice and work with buyers and close the deal. Listing yourself will save some money but will be more work on your part. You can go on line and list and get the same contact but these lead will have to be weeded out and followed up on. Packets of forms are available on listing sights that provide all the information needed to successfully sell the business but you have to do all the work.
If you find the proper forms need to sell and understand them you do not need a lawyer. But you do need a lawyer or a title company to close and record the sale properly, either one will check for leans and make sure the paper work is completed in a correct manner. If you feel uncomfortable in your knowledge, then a lawyer is recommended.
Keeping the sale confidential if highly recommended, you are the buyer do not want the employees getting upset and quit, It is much better for them to meet the new owner and become comfortable.
Remember the business has to be operated properly while it is being sold. Sales need to stay the same or grow to maintain the value of the business. This is the biggest sale of your lifetime. It’s quite likely that the most important business decision you ever make will be when and how to sell your company. Once it gets rolling, the sales process will seem to suck up all your time and energy, and you’re going to want to focus on it. But if profits drop, so will the value of the company and your negotiating strength. Take the time to keep the business running smoothly. That’ll make your company the kind of growing enterprise for which buyers will pay a premium.