What Is The Best Way To Sell Your Business?

Selling Businesses in South Florida

Selling your business should never be a decision you make on a whim. Maybe you’ve decided the company has seen sufficient growth and you’re ready to cash in on it. Perhaps, an unexpected factor is forcing the sale. No matter what the reasoning behind wanting to sell your business, you should always have a solid plan in place to make parting with your company as easy as possible.

Sell Your Business Yourself

You could list your company for sale yourself on a business marketplace either locally or nationwide. However, before deciding on an asking price, you need to determine the actual value of your organization. Then, take the time to do some much-needed “housekeeping”: similar to when you prep a house before listing it. Make sure all of your financials have been cleaned up and prepared for disclosing to potential buyers. Dress up a tired-looking establishment so it looks fresh and inviting whether it’s a store, restaurant, or office space. Update all of the operating systems and work towards increasing your sales. Now is not the time to load up on inventory or show a drop in revenue or customers.

Where Do I Start Once I’ve Decided to Put My Company On the Market?

Start by finding an experienced business broker through reputation or recommendation. Not only can this relationship match you with a buyer faster but it can take a lot of stress off of you. Theoretically, you could sell your own business but with a professional handling every aspect, you are guaranteed a streamlined and successful sale.

What Does An Experienced Business Broker Do?

First, a broker will help you decide if now is the right time to sell and how much your business is actually worth. Often, business owners assign value to their sentimental or emotional connection to their business, especially if it’s been in the family for some time. Your broker will evaluate based on the overall financial health, industry trends, market demand, location and other variables.

Brokers will collect all necessary documentation and financials, creating a package to present to potential buyers. He or she will also create an effective advertising campaign and presentation strategy so that your business is marketed properly to the correct target audience. Your business name and address will remain confidential in any ads ensuring your sales or services continue as usual and customers don’t get spooked. Brokers will also handle communicating and negotiating with interested parties, provide contracts and offer guidance to make your sale as successful as possible.

Always Pre-Qualify Potential Buyers

Every industry has the proverbial “tire kickers”. If you decide to promote the sale of your business alone, be prepared for a barrage of people who really don’t have any intention or financial ability to buy your business. They will waste your time asking questions and getting your hopes up because they once dreamt of being their own boss. This is another way an experienced business broker can be beneficial. Your broker will be the one fielding the calls and emails from interested parties. They will be able to determine if the person is just window shopping or is truly serious about purchasing your organization. Before any time is wasted, they will pre-qualify potential buyers as well as prepare any and all necessary documents and contracts.

Hire a Business Sales Professional to Sell Your Florida Company

Selling any size business is a complicated, tedious and time-consuming process, one that most business owners do not have the time to handle proactively. While you may excel at running a business or providing a service, not every business owner can handle properly promoting their business, searching for buyers and pre-qualifying them while keeping every confidential. Your time should be invested in continuing to focus on the success of your business rather than exhaust yourself trying to find the right buyer. Enlisting the help of a business broker will take much of the burden off of you allowing him or her to promote your sale. Their job entails rigorously searching for and negotiating with multiple potential buyers until the ideal one is revealed.

If you are ready to sell your South Florida business or create a successful exit strategy, contact Martin at Five Star Business Brokers today for a FREE evaluation of your company.

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