Making the decision to sell your business can be as difficult as starting it up for the first time. You will likely run the gamut of feelings just as you did then from excitement to fear and most every emotion between. People change, markets change, lifestyles change or retirement occurs and the decision simply must be made. Since selling your business is such a life-changing decision you will need to fully prepare yourself for the upcoming changes involved in the sale. While you have probably racked up substantial knowledge of the field, you probably haven’t had experience selling your business.
It is imperative that you find the right people to handle this task for you. Finding someone you trust may be an obstacle for you but you will never go wrong by enlisting the assistance of a true professional in the field of brokerage. Additionally, using your attorney to help guide you through the process will ensure that your best interests never take a back-seat in the sale of your company.
No matter who you find to help negotiate the sale of your business, make sure to investigate him or her thoroughly. There are many tools on the internet that can help you in your quest for information, utilize them! Don’t hesitate to request references and actually contact them with your questions or concerns about the professionalism of the potential broker’s abilities and character. Don’t underestimate the importance of this step; it will determine how the entire sale plays out.
Interview the prospects and ask for proof of his or her answers. They should be able to back-up their claims and they shouldn’t mind doing it for you. As you conduct interview’s take note of how this person makes you feel. If you have doubts about his personality, his professionalism, his character, his appearance, his mannerisms, or anything else, don’t hesitate to move on to the next prospect on your list. It can’t be stressed enough, get this decision right and the rest will follow smoothly and quickly.
A truly experienced broker will have knowledge of your area. He will be somewhat familiar with the industry of your business and he should arrange a convenient time to meet with you to begin his initial market appraisal. Your market appraisal is the one most important document to begin the sale of your business. It takes some time and a well written proposal will ensure a speedy sale. The experienced broker will discuss with you the best possible way to market your business to target a buying audience.
He will know how and where to advertise your sale to capture the interest of actual buyers who are ready and who can meet the requirements of a quick sale. Many brokers will maintain a database of good prospects and will be able to market your business to potential buyers who have already done their own homework and have already made decisions about what they are willing to do to make a quick sale. They should already have a pre-approval with their lender and be ready to jump when the right deals discloses itself.
This will cut a substantial amount of time off the actual sale of the business you are selling, due to the purchaser’s preparedness and the lack of any need for advertising. After the marketing plans have been established it is up to your broker to make the sale happen in a timely manner. Your broker should work very closely with you, keeping you updated on any progress that is made. He or she will do what is necessary to obtain for you the best possible price, in the least amount of time and he or she should be very discreet in their actions as they move forward. So for the quickest possible sale of your business, you can see how much you will rely on the abilities of your broker.
With that one most important decision made, the stress of obtaining a contract for your sale will be off of you so you can move forward with the plans you have made for your future!