Have you been building up a business, and now wish to move on to pastures new? Selling your business can be bittersweet, the chances are that you’ve put a lot of blood, sweat and tears into building the business up, but if you’re ready to get out, whether it’s to retire early, or start a new venture, or just to take a couple of years break, then you have to do what’s right.
How you go about selling your business will depend a lot on the type of business, and just how succesful it is.
For small start-up type businesses you can advertise on business forums, or even post a listing on the likes of eBay or local classified style websites, but if your business is raking in tens of thousands per month, then this is obviously not going to be the way to go.
That’s where online business brokers come into the equation, these are business sales specialists, and can;
-Maximise the amount of money you get for your business, they know the market and can value a business better than the business owner, or potential buyers.
-Get your website in front of the right audience – business brokers have a large base of potential customers, who are actively looking to buy, and have the money to do so.
-Weed out the dreamers and buyers who simply cannot afford to purchase your business – getting rid of time wasters will save you a lot of time and stress.
-Deal with the paperwork and legal side of things – some brokers will take care of everything for you, leaving you to either say yes or no to an offer, and then sign on the dotted line. This is much simpler than having to contact solicitors and have contracts drawn up, and can often work out cheaper than doing everything yourself.
When you’re choosing a broker to sell your business on your behalf, it’s important to select them carefully.
Check out reviews and past sales that the broker has handled, if the reviews are good, and your business isn’t worth significantly more than what the brokerage has handled in the past, then you are likely going to be fairly safe in selecting that particular broker.
Ensure the broker communicates well – do they seem enthusiastic and knowledgable when you contact them? Don’t be afraid to ask them questions about the process, if they can answer quickly without any hesitation then they are likely to know what they are doing, if however they can’t answer a question, be wary about how well they will be able to answer questions from prospective buyers.
All in all, using a brokerage is a great way to maximise your return when selling your business, with the added bonus of aleviating un-necessary stress.