So, you have been thinking about selling your Business. Maybe not every day, but some of those days when you dream of doing something different, but you just don’t know what it would be. Then a phone call or a meeting comes in and you shelf that thought for another day. Pretty soon years have gone by and you wonder why you are still in that Business. Often, even after burning out and boredom sets in, Business owners will hold on to their Business simply for one reason: it’s paying them money. As the old adage goes, “money can’t buy happiness”.
Once the pain has outweighed the pleasure in your Business, and you are ready to move on to the next adventure; it is CRUCIAL that you find and hire the RIGHT Business Broker to sell your Business. This one decision will most likely make or break the success of the sale.
The WRONG Business Broker can and most likely will have your Business sitting on the web, and it will not end up in a sale. Leaving you in that painful spot of dashed hope and a lost exit.
The #1 Business Broker in the Country that we recommend is Peterson Acquisitions as they focus on the day to day grind that it takes to sell a Business and they don’t let up until it is done. Selling Businesses from 1 million to 250 million in revenue with a staggering 90% closing ratio.
Why Use A Business Broker?
Why do your own dental work? Why perform your own eye surgery? Why would you cut your own hair? It would be PAINFUL, ineffective, and remember; you have a Business to run. A GOOD Business Broker will help you with in-depth knowledge of what Businesses are worth, prospecting potential buyers, verifying they are legitimate, marketing of your business, coordinating a healthy legal environment for your deal to get done, negotiation between buyer and seller, and closing a deal is not just for anyone. Do you need a traditional business broker or a website business broker? It takes a certain kind of someone to actually get a deal closed. “Talking about deals and actually getting deals done are very much two different things”- Art Fillmore.
4 Main Reasons to Use a Business Broker to Sell your Business
- A GOOD Business Broker understands the process. He Understands that marketing your Business heavily is the only way to win. A good Business Broker will try to push for multiple offers. Giving the buyer options. The more buyers you have for the business, the better chance of it closing.
- A GOOD Business Broker is a seasoned veteran of negotiation. He knows the art of deal-making. They are more instrumental in getting deals done that attorneys BY FAR.
- As professional negotiators and deal makers, Business Brokers know how to overcome the challenges that WILL happen in a deal. It’s not a matter of if, but WHEN they happen. They don’t get worried about it. They know it’s ahead of them. They are prepared. A good Business Broker will leave emotion out of it and use their experience to get you through the process. They know how to keep the deal on track with the buyer and seller being tied up in emotions.
- The Best Business Brokers keep deals confidential. As a seller, the last thing you need is everyone knowing your business is for sale.
The Best Business Brokers are a Partner in Selling Your Business
Essentially, they are the coach and the team lead to sell your Business. Here is a list of tasks they will take on like a pro.
- Develop a value for your Business (they are better at this than CPA’s, Accountants, or Business Valuation Companies)
- Create a Confidential Business Review to include all details of your Business so they can deliver to the Buyer what the Business will be for them, should they be the right buyer.
- Market the Business to potential buyers both on their existing database but also to the general market.
- Present the business to potential buyers
- Prevent legal teams from killing the deal prematurely
- Drafting an Offer to Purchase
- Assist in the negotiation of the deal, for BOTH parties (A good deal has to work for both sides) If you are working with a Broker who is negotiating for the Seller only, you have a slick rick salesman more interested in a higher sales price and commission than he is making a GOOD DEAL for both parties. RUN!
- Assist the buyer in getting acquainted with the Business and the employees so a smooth transition occurs
- Know the right bank to take the deal to, and know the bank will follow through
Assist in the underwriting of the deal
- The Best Business Broker will have a strong background in banking
- Close the deal and make sure all parties are paid
- Provide after the sale support for success for both parties
10 Steps to Selling Your Business
- Valuation (knowing what it is worth)
- Create a redacted version of all of your tax returns and profit and losses
- Develop the Business Package including a Confidential Business Review)
- Determine who the right buyers are
- Market the Business to the buyers
- Assist with Buyer and Seller meetings
- Push for an offer, or push the buyer to pass, so not to lose a good buyer
- Negotiate the deal structure for the attorneys and the bank for both buyer and seller
- Assist with due diligence for the buyer and seller.
- GET THE DEAL CLOSED AT THE BANK SUCCESSFULLY (This is what separates the men from the boys)
The Best Business Broker to Sell Your Business is Peterson Acquisitions. Contact us today.