Navigate the Sale With Ease: Expert Tips for Business Owners
One of the biggest and most challenging decisions you can make is to sell your business. Ownership changes represent big milestones in small companies across the country. A recent poll suggests that more than a third of business owners plan to sell their companies in the next two years.
Whatever motivates you to make the transition, proper guidance can expedite the sale of your business on favorable terms. Here are some suggestions for taking charge of the process.
Establish Your Business’s Value
The first step to sell your business is to get a precise valuation of its worth. This can’t be just a ballpark estimate. Potential qualified buyers need a detailed accounting of your assets, inventory, and earnings to consider making an offer.
At Sunbelt Business Brokers, our free business valuation calculator can help you begin the pricing process. Simply answer some basic questions about your business history and financials, and our calculator will return a complete valuation within five minutes. It’s a great tool for beginning the overall business assessment and getting a better picture of your worth.
Understanding the Selling Process: A Step-by-Step Guide
While you don’t sell a business every day, business brokers do. A solid step-by-step process includes the following:
- Valuation of your assets and market position
- Organizing documents and financials
- Listing your business and marketing it to qualified buyers
- Screening offers and buyers to gauge financial and managerial fitness
- Negotiating terms and presenting a letter of intent
- Conducting due diligence with advisors on transparency and documentation
- Finalizing contracts, launching the transition, and closing the deal
There are challenges in each of these steps. But with professional business brokers, you have skilled and vested partners for finishing the deal on favorable terms.
Minimizing Stress: Managing Emotions During the Sale
When you sell your business, you may tap into a wide range of emotions. There’s the satisfaction of your accomplishments — and the anxiety of letting them go. You can be both excited and nervous about your next chapter. You may feel apprehensive about stepping away as much as you look forward to it.
The best way to decrease the stress is to focus on your reasons for selling. You might be eager to start a new venture or spend more time with your family. You might want to travel or pursue new interests. Or you might simply want to take some time off. Get clear on your motivation and purpose to keep focus.
Selling a business properly can take some time. Obstacles in the process are normal. Anticipate delays and issues in advance, and steer the process with your partners.
Working With Professionals: How Brokers and Advisors Can Help
For most owners, selling a small or medium-sized business is something that happens only once in a lifetime. That makes it extremely important to get it right. A professional business broker and advisor makes that easier.
A business broker knows how to:
- Market your business to qualified buyer pools
- Keep confidentiality and protect the privacy of sensitive information
- Organize documents and facilitate due diligence
- Lead negotiations and establish favorable terms for all parties
- Follow up with attorneys, accountants, and business lenders
With the right business brokers on your team, you’ll have a partner who can prevent mistakes, lessen your workload, and do everything they can to streamline the sale.
Start Your Selling Journey With Sunbelt Business Brokers
Ready to explore the possibilities and move forward with selling your business? Begin with our business valuation calculator to get a general sense of your business’s worth. When you’re ready, contact Sunbelt Business Brokers and get to work on your next phase.