Business world is environment of constant change and flow and it is predicted 40% of all business will transfer ownership in next 10 years. It is not important, why you decided to sell yours. You may feel you reached its maximum without large investment, maybe you achieved your personal victory and now you just want to share fruits of your labor in relaxed business-free life. But what does truly matter is how you will get most out of it.
Selling a business is not a task to be taken lightly. It is a complex process that takes time and money and a lot of patience. It is not accounting or legal matter, to leave it to your personal solicitor or accountant. Selling a business in Palm Beach or in any other place is an art of good business brokers, such as Russel Cohen, licensed broker for Murphy Business Brokers. Those can help you and guide you through all crucial steps.
Timing Selling A Business
In average a sale of small or medium business takes place in 9-18 months. The timing of the sale is crucial and it depends on many factors which can easily be neglected.
Trap: Contracting wrong partner can lead to costly and time consuming result. Same can result from hiring broker promising fast sale.
Establish Clear Exit Objective – Prepare Your Business For Sale
The best business brokers can help you with full preparation for sale. Checking your financial records, preparing Sales memorandum and marketing your business is just a part of their job description.
Trap: Do not put too much history in memorandum. First goal is to focus on opportunity your business will offer to buyer and needs to contain only enough information to get strategic buyer interested.
Build a base of potential strategic buyers and create buyer competition Business brokers have access to information and means to compile list of possible strategic buyers, evaluate them and present offer to multiple buyers. Trap: It can be flattering when you are approached and somebody is interested in your business, but it means they are looking for underpriced deal. If you accept any negotiation at that point, you are giving them the upper hand and you can expect downward price pressure.Trap: Avoid single party negotiation at all costs – competition is what raises the price of your business not its measured value.
But even when hiring the best business brokers you must take proactive stance from the start if you want the control in the phase of closing a deal!
For additional information click on Palm Beach Business Brokers
Cooper City Office
10620 Griffin Rd B-105,
Cooper City, Fl 33328
4720 NW Boca Raton Blvd,
(NW 2nd Ave) D-103
Boca Raton, Fl 33431