When selling your business it is imperative that you work with an expert. The process of selling a business can be very complicated. Here are four issues to consider when selling your business.
Number One – Overreaching
If you are the founder, owner and operator of a business, there is a good chance that you involve yourself in every single decision. Business owners also want to involve themselves in every aspect of selling their business. This can be a significant mistake. Handling the sale of your business while operating your business can lead to problems or even disaster.
You can’t handle it all. You will need to delegate the day-to-day operation of your business to a manager. You will also want to bring in an experienced business broker to assist with the sale of your business.
Number Two – Money Related Issues
Once a seller has decided on a price, he or she has trouble settling for anything less. It is understandable that business owners have emotional ties to their business. These emotional ties can also be irrational and serve as an impediment to a sale. A business broker is an intermediary that will keep deals on track and emotions at a minimum.
Number Three – Time
You do not want to waste time when you are selling a business. Working with a business broker ensures that you only deal with real, vetted prospects who are serious about buying. Most sellers are unaware of how much time it requires to sell a business.
Number Four – Don’t Forget The Stockholders
When selling your business, you must include the stockholders. A business owner needs to acquire the approval of stockholders. One way to achieve this is to get an attractive sales price. Another way is to achieve the best terms possible. A business broker is an invaluable ally in both regards.
Selling a business isn’t just complicated. It is also stressful, confusing and overwhelming. This is especially true if you have never sold a business before. EBIT makes the process of selling your business easy. We will be there every step of the way. Our qualified business brokers and acquisition team focus on helping our clients maximize the value of their business while negotiating the most favorable deal possible.