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FSBO listings are ideal for owners who feel they can effectively facilitate the sale of their business and manage their business at the same time. Yet, a business sale is a specialized transaction that requires a certain level of expertise as well as an objective perspective.
People also ask
How do I Sell my Business?
Should you sell a small business?
Can a small business be sold without a business broker?
How to sell a business effectively?
- Identifying the Reasons for the Sale. You've decided to sell your business. Why? That's one of the first questions a potential buyer will ask. Owners commonly sell their businesses for any of the following reasons
- Deciding the Timing of the Sale. Timing is everything. And that includes the time it takes to get everything ready to sell off your business. Prepare for the sale as early as possible, preferably a year or two ahead of time.
- Getting a Business Valuation. Determine the value of your business to make sure you don't price it too high or too low. You can do this by finding and hiring a business appraiser to get a valuation.
- Hiring a Broker. Selling the business yourself allows you to save money and avoid paying a broker's commission. It's also the best route when the sale is to a trusted family member or current employee.
- Plan Your Exit. It may sound obvious, but many business owners fail to prepare the business to continue operating in their absence. Your goal is to get your business into selling shape, which means organizing your financial records, documenting important operating procedures and contracts, and delegating critical functions to employees.
- Set an Asking Price. How much is your business worth? Like most asset sales, the ultimate answer is whatever someone is willing to pay for it. As a business owner, you need to evaluate your business in the same way buyers in the market do – as an investment with some expected returns.
- Find Qualified Buyers. Marketing your business for sale involves seemingly contradictory goals. You want to make as many potential buyers aware of your business for sale listing while also keeping the identity of your business confidential.
- Negotiate Sales Price & Terms. After successfully identifying buyers and getting at least one offer, it's time to work out the details. Price is always going to be the main point of negotiation, but the terms of the deal are equally important, and give you levers to reach your goals while meeting the buyers' requirements.
This guide on how to value and sell your e-commerce or online business walks business owners through the steps they’ll need to take when preparing to value and sell their business.
May 4, 2021 · How to sell your small business: key steps before, during, and after the sale. Selling a business requires a lot of planning. Here's a primer on what to expect when selling a company.
- Kristin Mckenna
Feb 4, 2021 · However, many small business owners successfully sell their businesses without the services of a business broker. These cases generally fall into a few buckets: The business owner is approached directly by a buyer without actively marketing the business for sale.
Nov 18, 2020 · Selling a small business requires owners to provide tons of sensitive financial and proprietary information. These details are worth a fortune to your competitors, and can help them get better insights into your company if their offer isn’t a genuine one.
