If you plan to sell your business, you will probably want to contact a reputable business broker to help you make the sale.
You will discover that they won’t expect payment until your business is actually sold, and the fee for this service will probably be anywhere from 5% to 15% commission on the sales price. Not including up-front advertising fees which are usually around the $2000 to $4000 mark.
Using a broker should enable you to sell your business quickly and at the best possible price.
Pricing Your Business
The asking price for your business should be high enough to give you room for negation, but it should not be so unrealistic that it will discourage potential buyers.
Above all, you will want to avoid underselling your business and at the start of the selling process, your broker will appraise it for you to help minimise this problem.
This will help you determine if selling is feasible at the time, and ensure that you will not be undersold.
Other Benefits of Working with a Brokers
Even though the cost of selling your business may not be your main concern, you will still want a skilled, professional broker to help you make your way through the many complexities of making the transfer. Just as there are times when you decide to consult a financial advisor or an attorney to safeguard your interests.
Perhaps you have spent decades growing your business and realize that it is the biggest financial asset you have. When you decide to sell it, there may be some crucial questions that you are unable to answer. Such as:
- How do you determine what your business is worth?
- Where should you list it so that it can be sold quickly?
- How do you go about getting the best possible price for it?
Professional business brokers present potential buyers with an accurate, detailed analysis of the business, and your portfolio will serve two purposes, reducing the risk the buyer will assume and simplifying the evaluation process at the same time.
Business Brokers and Your Personal Comfort Zone
You probably also feel that you don’t want to become routinely involved in working on business transfers, that you don’t want anyone to take advantage of you, and that you are looking for the highest profit margin you can find.
You know that your business is on solid ground, free of controversy, and profitable and you want to keep it that way until the sale goes through.
How Will My Broker Find Buyers?
All of your expectations are virtually assured because business brokers are experienced in handling business transfers, advertising business sales, and researching the business market.
These days, broker are very internet savey and utilise the services of business for sale websites such as www.BizListings.com.au and www.Business-Trader.com.au to connect with potential buyer from across the nation and the globe! Also they usually have a list of buyers who are ready to go, which can speed up the process.
Since they also have the time needed to do all of the steps mentioned above, advertising with a business broker will relieve you of a tremendous burden, stress and time.
If you prefer to kick back and let a broker do all of the work for a fee, then start shopping around today and make sure you ask the right questions.