As you consider selling your business, many thoughts are undoubtedly bouncing around in your head. What is my business worth? What’s the process of selling it? How long will it take? What am I going to do with myself after the sale? Where are the best business brokers? The first step in selling your business, one you may have worked the better years of your life building, is to make the decision to sell.
If you’re certain that selling your business is what you want, begin by being well prepared. Get all of your financial records in order. Buyers are certainly going to scrutinize them carefully. Make that first impression count. Business brokers will tell you that this is a hugely important component to having a well-marketed business for sale. Have all the balance sheets, profit and loss statements, tax records, bank statements and other financial records well organized, and be prepared to produce custom reports for potential buyers.
Next, create your “blind profile.” This is typically a single page description of your business without any specific information that might reveal its name. This item should bullet point the best aspects of your business, it’s profitability, and potential for growth. A more complete and highly detailed description of your business will be made available to serious buyers. Usually business brokers will aid a seller through this process.
Now that your business financials are highly organized and you have a stunning blind profile along with a comprehensive selling memorandum, it’s time to actually advertise. Coordinate efforts with business brokers and get the word out. The internet is probably quickest and most effective media for marketing your business for sale, dollar for dollar especially. Of the many business brokers out there, they will all agree that you cannot proceed with your marketing without reaching qualified buyers, and there are several highly effective websites that specialize in business sales.
It’s also very important to scrutinize potential buyers as they scrutinize your business. Be sure that they are qualified and can complete the sale within the amount of time you and your business brokers have designated. Don’t waste your time. And before allowing them too much information about the business, make sure all serious buyers sign a confidentiality agreement. From there, avoid endless correspondence and negotiations. Make a deal you’re happy with and sign off.
For more inforamtion on how we can assist you selling your business click on South Florida Business For Sale
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