Selling a business can be a terrifying prospect. Often the result of many hours of sweat, blood, and tears, your business is something you want to ensure you are adequately compensated for. Our seasoned experts have compiled a list of things to consider when selling your business.
Mind Your Time
Selling a business can often involve a variety of time-sensitive issues. If all of the pieces aren’t lined up just right, a missing piece of the puzzle can throw off the entire deal. Lost time is lost money and it is critical that you safeguard this resource. A business broker can be instrumental in weeding out ‘window shoppers’ from serious buyers.
Selling a business can be an emotional process, especially when years of effort have been poured into it. It is all too common for owners to overvalue their enterprise, something that can put the brakes on an otherwise good deal. A business broker is helpful in these situations, as they can work as an intermediary and ensure the deal is valued just right.
Don’t Bite Off More Than You Can Chew
It is not unusual for owners to have multifunctional roles within their company. This ‘jack of all trades’ attribute is helpful to a business on a day to day basis, but it can be detrimental when trying to sell it. Handling the sale of the enterprise while simultaneously operating it will lead to ‘dropped balls’ and errors. Turn over the day to day operation to a subordinate or work with a broker to ensure full attention is being given to both aspects of your business.
Include The Whole Team
If you have shareholders you will need to keep them informed and obtain their consent to sell the business. This is generally not a problem if you have a good sales price and excellent terms, but it is a mandatory step. A seasoned broker can help you navigate the best course in dealing with your stockholders and ensuring that they don’t derail your plans.
The process of selling a business is wrought with potential hazards, but they can be managed with a little skill and patience. As mentioned above, having an experienced broker can be a significant asset in this process and is definitely recommended. If you are interested in learning more about what a broker can do for you, we encourage you to contact us. We are Hallmark Business Brokers and our skilled team would love the opportunity to help you out. We invite you to give us a call at 941-445-4726, it would be our pleasure to serve you.