Russel Cohen

Are you thinking about selling your business? Adequate preparation helps to ensure you get the best deal and the smoothest transaction. There are several important things to keep in mind. People who own and operate businesses are not necessarily equipped with the necessary skills to leverage a lucrative sale. They are probably not very familiar with the business market, and they may not understand the challenges of selling a business. Skilled business brokers can handle the details or guide you through the process.

Sales Essentials

Price and confidentiality are two trademarks of a competent business broker or adviser. He or she will know how to research and identify qualified buyers, utilize industry marketing strategies, and successfully close a deal. The sale of a business can impact employees and customer on both sides, which is why signing of a non-disclosure agreement is recommended.

Financing Options

Some buyers offer a no- or low-down payment, but there is no compulsion to accept this. A serious seller will value a financial level of commitment through a reasonable down payment. Financing handled by the seller is often cheapest. This option reassures the buyer that the seller is confident, and there are no processing fees. Typically the interest rate is lower than a bank or credit union, but the loan’s length may be shorter. Banks are more likely to make loans on businesses that have demonstrated a solid profit history. But tax documents and fees are required at the outset. Sometimes a friend or family member will make a personal loan to finance a new business. Clear documentation as to loan term and payment schedule should be signed by both parties.

How Long Before a Business Sells?

Businesses usually spend more time on the market than a residential property. The confidential nature of a business sale prevents a sign from being posted at the location. Often it takes between six and eighteen months to sell.

Advertising a Business for Sale

Thanks to the rapid growth of Internet commerce, available businesses can be located through several websites and databases, including Busboys, BizmarketFlorida, Florida Business Brokers Association, and Multiple Listing Service, among others. Area newspapers often attract inquiries. Lawyers, accountants, and realtors sometimes make referrals, as well. If you are not sure you can accurately value your business or successfully apply negotiating techniques, let our trained staff help you find the sale you are looking for.

For more information click on Fort Lauderdale Business Brokers