Let’s take a closer look at four issues any seller needs to keep in mind when selling their business.
Number One – Overreaching
Firstly, if you’re simultaneously the founder, owner and operator of the business, then you’re likely to be too involved in every decision and this can lead to disaster. You’ll need to delegate the day-to-day operations of your business to a sales manager and bring on an experienced business broker to assist with the sale. Trying to handle everything at once is a mistake even for the most seasoned multitaskers. So take a step back and focus on what’s important – selling your business successfully.
Number Two – Money Related Issues
Price – you may be reluctant to let go of your business at a lower price than you’re hoping for. Remember that the goal is to sell your business, not to make the most money possible.
Number Three – Time
Selling a business can entail a lot of work – from preparing your business for sale to negotiating the final deal, there’s a lot to keep in mind. But by working with a qualified broker, you can minimize the amount of time and energy you need to devote to the process.
Number Four – Don’t Forget the Stockholders
You need to get the approval of the stockholders. There are two main ways to do that: an attractive sales price and favorable terms. A business broker can help you with both. They have the experience and expertise to make sure you get the best deal possible.
You’re likely feeling a range of emotions: Stress, confusion, and even overwhelm. But don’t worry, you’re not alone. Selling a business can be complicated and is often a very stressful process. However, by working with a business broker, you can make the process significantly easier. Business brokers have years of experience in selling businesses. They know what it takes to get a deal on the table and push it through to completion. So if you’re thinking of selling your business, be sure to work with a broker to help make the process as smooth as possible.