Selling a Business: What You Need To Know

If you’re a small business owner, chances are you’ve thought about whether or not to sell your business. Maybe it’s time for a lifestyle change, and you want to retire. Or perhaps the idea of owning a business is just exhausting! Whatever your reason may be, selling a business can seem like an overwhelming process – but with some help, it doesn’t have to be that way. We will walk through each step of the selling process and explain how our team at Sunbelt Business Brokers can make this exciting transition easier on you!

What is the Process for Selling a Business?

Putting up your business for sale can be an overwhelming process. There are many things to consider, including the best time of year, how much money you want to make, and the type of buyer you’re seeking. We at Sunbelt Business Brokers have years of experience helping businesses sell their companies, and we would love to help you! The process for selling a business has many steps and can be broken down into the following:

• Contacting a business broker. The first step is to find a qualified business broker who will help you sell your company. You want one specializing in the type of industry and region where you sell, as they have more experience with what buyers are looking for in your area and industry.
• Setting expectations. Once you find the right business broker and set up meetings with potential buyers, you will discuss what type of timeline you are looking at and how much money you want from selling your company (often called ‘the initial asking price’). This meeting should also be when any concerns about conflicts of interest are discussed, so there are no surprises later on in negotiations between both parties. It is essential to have one person representing both sides while negotiating. Each side will need full disclosure about all aspects of the business, including customers, customers/customers, legal contracts or agreements, vendors, suppliers, and financial records.
• Preparing the business for sale. The next step is to prepare your company for a potential buyer. Update your company website and marketing materials. Decide how much profit you want to make from the sale of your business. This preparation will help meet the expectations of both buyer and seller. Part of preparing also includes reviewing financial records and tax records.
• Negotiating terms. Once the business is ready for sale, negotiations can begin, including deciding on the purchase price. This process can take months and often has many ups and downs as both parties try to find a realistic price that works for them. However, this is where experience from your broker comes into play because they know how much money buyers are looking to spend at any given time of year or in another region, so they will guide negotiating about whether an offer should be accepted or not.
• Closing on sale terms. After buyer and seller have agreed upon all details, it’s time to go through the final steps of closing on sale terms, including paperwork (e.g., contract), typically taking 30 days after signing a contract. Then the buyer will take the overall operations of your company.

How Long Does It Take When Selling a Business?

It can be challenging to answer this question because many factors go into the process. The first thing you need to do is determine what type of business you own and how much time and effort you want to put in before selling. If your company has been around for a while, then it may take longer than if it’s newer. Once you know what kind of company you have, we can help estimate how long the process will take.

We work with buyers looking for a business like yours so they don’t have to spend months searching through business listings or finding one by themselves. We’ll also work with sellers who want their businesses quickly sold so they can focus on other things in life without having the stress of running a company weighing them down anymore.

How Do I Calculate The Value of My Business?

It is important to consider critical factors before determining the worth of your business. When it comes time to sell your business, it is best to understand what you are selling clearly. The process of selling a business can be straightforward. The Sunbelt Business Brokers of Fort Myers, Naples & Sarasota team will work with you to give an accurate business valuation for your company by considering the tangible assets, including inventory, equipment, property, and intangible assets such as goodwill. A business owner should also work out how much money they want to retire on or reinvest in another venture once they sell their business.

Sunbelt Business Brokers has been assisting owners in selling their businesses for years. We sell all types of business.  We work with buyers looking for businesses like yours, so they don’t have to spend months searching through listings or trying to find one on their own.  We understand that this can be an emotional decision, so our team will walk you through every step of the process – from identifying your company’s worth to finding a buyer who understands your needs and wants to buy it at a fair price. Our goal is always 100% satisfaction!