Be honest with your broker
Your business broker needs to learn what your expectations are, your motivations, your attitudes, and your perceptions. He must fully and completely understand why you want to sell your business. Your broker can educate you about what is happening in the marketplace if he has all the facts from you. Selling your business depends upon how well you communicate your wishes and how reasonably the two of you can work together.
Expect a transaction process
Your business broker offers you progress reports and lets you know what prospective buyers think of your business. Most importantly, we tell you how to improve your business to help make that business more marketable. Most of the time, the improvements we suggest you make will be very minor compared to their cost. We want your business to be at its best and to sell for the best price.
Know Your Industry
You are competing with many other businesses in the marketplace. Some of those businesses will be the same type of business you are selling, others will be of a similar structure or in the same price range or in the same general location. You will have competition. The most attractive business will sell first. If you want to sell, keep a positive eye on making your business more marketable than the next guy’s business.
Allow your broker to strategize on your behalf
Your business broker has his own ways of advertising your sale, the one that works best for you. And your commitment to these strategies is crucial to how well your broker can do for you. Ever heard of the old saying “too many chiefs”? That’s how this works. He has his job, and you have yours. Coming to an agreement in regards to how he markets your business will make or break deals for you.
It is important that you understand the selling process. Your business broker may tell you how to improve your business, particularly the price, which will vary based on the cash flow, assets owned, and what is leased. Your business must meet a buyer’s expectations. Your broker can help by telling you what the market trends are and what buyers in today’s marketplace are expecting.
Peterson Acquisitions can help you sell your business for the best price to the right buyer.