After you have made the decision of selling your business, the next decision you have to make is whether or not you should use a business broker.
Most people these days are opting to sell their businesses privately to try and save on the commissions they will be charged when putting the sale of their business in the hands of a business broker. When selling your business privately, you should use the following methods to promote your business for sale. Firstly, you should submit your business for sale to an online business for sale website. Business for sale websites are relatively inexpensive and will generate quality leads. Secondly, you should place your advertisement in your local business classifieds paper.
The only downside of selling your business privately, is the fact that you are the point of contact for all enquiries. This means you should be available 24/7 to take calls. You also have to be able to tell the difference between the serious people and the people who are just 'tire kickers'. Because you really want to be able to eliminate time wasters and focus your energy on the serious enquiries.
When you hire the services of a business broker, you can basically sit back and let the broker do all of the running around for you. Selling a business through a business broker can sometimes be a smoother process if you unfamiliar with the business selling process. A business broker has qualified buyers ready to go, and if there just happens to be a buyer looking for a business in your industry, then you are already half way there.
An experienced business broker can also give you a realistic price you should be asking for your business. They more than likely have sold businesses in your niche before and should know not only know what your business is worth, but they can also give you a realistic time frame on when they think your business will sell. You can tell the broker the minimum amount you will sell the business for and he will strive to achieve this.
In regards to the value of your business, always seek a second opinion with your Accountant or solicitor or lawyers. Business brokers can also offer potential buyers financial services. This is something you can not provide as a private seller, and it just may get the broker to close the deal.
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