How to Sell Your Business Successfully — Key Lessons and Insights
All small businesses eventually change hands in some way, shape, or form.
In light of the fact that the percentage of businesses that sell successfully hovers around 30%, you might think it prudent to learn the key lessons to selling your business successfully — and avoid how your business might change hands otherwise.
Despite certain troubling statistics, selling a business can be a successful venture. The professionals at Sunbelt Business Brokers have extensive knowledge and experience selling small and medium-sized businesses and can do the same for yours.
Consider these essential lessons and insights for selling a business successfully.
Prepare Your Business for the Market
Planning is the first step to getting the most out of your business when you decide to sell. It may seem counterintuitive, but you should start planning when you’re getting ready to open your doors. Unfortunately, many business owners wait until they’re ready to walk out the door to begin thinking about how to change ownership.
Here’s how to prepare for selling your business:
- Get a professional business valuation
- Organize your financial records
- Prepare important legal documents (contracts, licenses, etc.)
- Research your competitors and the market
- Improve your operational efficiency
- Craft a compelling narrative about your business
- Be prepared for due diligence
- Consult professional advisors
By planning early, you can prepare your business to attract serious buyers and get into the negotiation phase quickly.
Master the Art of Negotiation
Getting your business ready to go on the market can help you master the art of negotiation. Your preparation will allow you to understand the true value of your company, which is the foundation of fruitful negotiation.
Along with understanding your organization’s worth, it’s important to define your goals, actively listen to the buyer’s needs, seek win-win outcomes, remain flexible, develop a best alternative to a negotiated agreement (BATNA), and be prepared to walk away if necessary.
Following these keys for mastering the art of negotiation will enable you to negotiate from a position of strength and walk away from the table with the best possible deal.
Lean on Experienced Professionals
Relying on experienced professionals can significantly increase the probability of the selling transaction. At Sunbelt Business Brokers, we leverage our vast network of professionals, which includes attorneys, accountants, and financial planners, to guide clients smoothly through the complex selling process.
The majority of business sales that proceed successfully are overseen by business brokers. Conversely, many failed listings are handled by real estate agents or the business owners themselves, who lack practical knowledge of what makes for a favorable deal.
Beyond their network of professionals, business brokers can vet buyers to find the perfect match for your business. They also possess business, industry, and market knowledge, as well as negotiating skills, that can increase the chance of a winning transaction.
A qualified business broker can handle the process of selling your business from beginning to end, getting you to the closing table quickly and for the price you want.
Trust Sunbelt Business Brokers to Sell Your Business
Selling your business can be challenging, but it doesn’t have to be a bust. When you’re ready to cash out, you should be free to leave on your terms.
To get the most from the business you’ve built from the ground up, follow the lessons outlined here and let Sunbelt Business Brokers manage the sale.
Our skilled team can help you make profitable choices for your business. Contact us today to learn more about our services.