If you are in the process of (or even just thinking about) selling your business, there are a number of things that you will need to prepare for. Something that is often overlooked is the type of questions that potential buyers may have.
That’s why the business experts at Hallmark Business Brokers wanted to dedicate today’s post to the kinds of questions you can expect to hear, as well as the best ways to answer them:
- Why should I purchase an existing business instead of starting a new one myself?
- How is a business priced?
- What type of business should I look for?
- What does it take to run a successful business?
- What should I do if I find a business I want to purchase?
- Should I use outside advisors?
- How long has the business been in existence?
- How long has the current owner owned the business?
- How much profit is the business making?
- Are the records and books readily available?
- Will the previous owner help me learn to run the business?
The first thing that should always be at the forefront when answering any questions from potential buyers is honesty. Being open and upfront about the reasons you are selling, as well as the operational and recording-keeping aspects of your business is the only way to avoid future concerns before closing the deal.
Buying (or selling) a business takes a lot of work. There are a lot of questions that need to be answered, along with many other aspects of the transaction. At Hallmark Business Brokers, we help you navigate these waters to make sure that you get exactly what you bargained for with your business purchase. Our offices are located at 230 S Tamiami Trail, Suite 2, in Venice. If you would like to reach us by phone, simply dial 941-445-4726.