When you want to sell a business, it’s vital to understand the process of how a business sale is made. While this may require a steep learning curve into the regulations governing a sale, it is essential to understand every aspect of the selling process. Once you understand this process, you can effectively begin preparing your business to attract the right kind of buyer for it. Analyzing the assets and liabilities of your business will help you to emphasize the benefits of your business while minimizing the downside.
In the course of researching how to sell a business and how to prepare a business for sale, you should also gather market data about your business, study how to negotiate the selling process with a buyer, and assemble a team of people who can confidentially get the word out for you.
Additionally, it will benefit you to update what you know about providing financing to a buyer and the tax implications of your business sale when you do find the right buyer.
With those basic ideas in mind, here are the top 7 things to think about when planning on how to sell your business:
1. Call a broker who sells businesses. Whitehurst Mergers & Acquisitions, a Texas business brokerage, for example, can provide you with many ways to expose your business for sale, including using multiple market approaches, sharing their buyer database with you, and helping you target searches through trade journal advertising and online advertising. In addition, they can put you in touch with cooperative brokering organizations.
2. Scan newsletters, periodicals, and magazines advertising in your business niche to see what other businesses are asking for the sale of their business (www.globalbx.com).
3. Assess how your current database of clients will react to the sale of your business. If your clients know that you are planning on selling your business, it could be harmful to your current cash flow to make the sale of your business public information.
4. Hire a business appraiser to get a better idea of how much your business is worth in the market today. This is an expensive step, so only take this step if you are determined to sell your business.
5. Consult with your broker to come up with a marketing plan to expose your business for sale.
6. Use networking opportunities with other business people in your field to find any leads.
7. Advertise your business both in print media and on the Internet.
Texas Business Broker | How Whitehurst Mergers & Acquisitions Can Assist You
Bill Whitehurst, a certified business broker, has sold businesses ranging from $250, 000 to $20 million. His professional team can provide you with the tools, the network, and the consulting expertise to successfully sell your business. His firm, located in Dallas, TX, will help you get the best price and quickly and confidentially transfer your business to a new owner. In order to keep the sale confidential, sharing it only with qualified buyers, Whitehurst Mergers & Acquisitions takes every step to abide by all principles of privacy and confidentiality clauses.