Updated: May 27, 2020
When it comes to selling a business, there are a number of steps involved. But prior to discussing these steps, I first ask a business owner what brought them to think about selling in the first place.
Sometimes it's a question of finances. Or sometimes a business owner's intentions have shifted and they’re in need of a change.
Each and every business has its own unique story. When I meet with a potential client about the sale of their business, the discussion always turns to the history of their business. There’s a certain level of passion a business owner has when starting out, and hearing about it helps a broker craft a proper description when listing the business for sale. Of course, financials have a lot to do with the success of a sale, but the story of the business helps an astute buyer understand the original idea behind the venture and envision distinct possibilities for that business. A great business is not just one with high earnings, but one with vision and potential.
When the owner of a thriving business can measure their success by the ability to delegate much of the work, the business sale risks endangerment simply because the seller isn’t 100% sure they’re going to list. It could even be harder to imagine selling a business if you reach the elusive status of absentee owner. Naturally, this could be a business worth keeping as long as numbers continue to look positive.
But that’s not to say that the business should not be sold. If your business is doing well, it may be the best time to sell. Why? Because buyers want thriving businesses. If you’re thinking of selling your strong business someday, take a good look at your finances in detail. It may be smart to quit while you’re ahead and let somebody else earn a livelihood from this enterprise.
If you see your profits drop, you may want to hold on to the business a while longer to see if it can survive the downturn.
Why hire a business broker? Because nobody will listen to your story quite the way a business broker does. Business brokers have access to data that will help you get past the psychology behind the sale, because we measure the hard facts in reflection of everything you tell us. And we’ll be there every step of the way to make it the best deal possible for both buyer and seller.