When you go to market selling your business, realize it generally is a once in a lifetime event. Most business owners work their whole lives to build a business and when the time comes to transition or sell you really only get one shot to do it right. Here are 3 Tips to follow when selling your business:
1. Get Educated- This may seem broad brush but knowing the terminology, resources and how your local market behaves is critical. Right or Wrong valuation can be done may ways and for many purposes. Sellers need to gather information and interview professionals. Ask them to explain the marketplace and valuation methods, along with financing options to buyers. Do not cloud the meeting with what your needs are because at this point they aren’t relevant.
2. Hire Professionals: After getting educated and smart regarding the market you should be capable of hiring a tried and true professional. Don’t do it alone and Don’t cloud the roles. An attorney, broker/ intermediary, and accountant are all components of the team. And are all professionals….each is valuable and each is owed respect. One should not have more sway than the other….you the seller of the business are in charge and no one else. Make a price based decision on your team and you will pay later.
3. Price properly: Stop watching shark tank and dreaming. In Florida, you can access sales comps for your business. They are real and overpayment rarely happens and if it does is usually in the form of an earn-out or contingency. Less than 25% of businesses sell and a large number fail due to overpricing.
Selling your business is not a simple process. You need experienced professionals who know the details and can craft solutions to get you your desired outcome of a successful and profitable sale.
For more on selling your business contact Michael Shea at Transworld Business Advisors 321-287-0349 https://yourfloridabusinessbroker.com