Think Like a Buyer When Selling Your Business
Selling a business is most times a fairly complicated and drawn-out process. Placing it on the market, wading through the numerous casual inquiries and dead-end negotiations, as well as just finding the right prospective buyer that is actually and interested and capable of purchasing it can seemingly take forever. In fact, several corporate studies have shown the average amount of time from listing to closing to be between two and three years!
But the folks here at Hallmark Business Blog want to help our readers and clients cut that timeframe down as much as possible. And one of the best ways to do that is to put yourself in the buyer’s shoes. Here are a few tips to do just that:
Be Flexible on Financing if Possible
The overall cost is the number one roadblock for a business sell. If you have even a little bit of flexibility in the financing, it could save a deal.
Consider What the Buyer’s Wants and Needs Are
Rather than focusing on what your goals are in selling, instead, try to learn what their goals are for buying. That way you can tailor and present the deal in the most appealing manner possible.
Be Forthcoming and Transparent When Selling
Last-minute surprises can often mean last-minute changes of mind. Things like expenses, debts, equipment or building conditions, as well as anything else that has a bearing on the deal, should be fully disclosed early on.
To learn more about the best way to sell your business or better yet, to work with the professionals who orchestrate these types of deals every day, come by and see the expert consultants at Hallmark Business Brokers. We can help you iron out the many details that go along with such a large and complex task.