Ready to Sell Your Business? Here are Some Tips!

You’ve made the decision to sell your business. Congrats! There’s no doubt that a lot of stress is wrapped up in deciding to sell, but there’s also a great deal of excitement. As a result, it can be very easy, especially for first-time sellers, to forget that selling a business is a multistep process, requiring careful planning to maximize your potential returns.

To get a better understanding of the process of selling a business contact a Certified Business Intermediary (CBI) with the International Business Brokers Association, they can walk you through the process. After all, it’s important to set yourself up for success when it comes to selling your business!

1.????Don’t neglect your business during the process.

Making the decision to sell your business doesn’t mean that it is sold. You need that business to continue generating a profit—not only for your financial benefit as the owner but also to entice a new owner. Selling your business is an opportunity to generate a return on the time and money you’ve invested.

Neglecting the business during the sales process is a costly mistake you don’t want to make. Why? If your business’s revenue declines during this time, the buyer could ask for a lower price or have concerns that the business will keep declining and not make an offer.

2.????Keep your sale confidential.

?Many first-time sellers may think the best way to sell their business is to advertise that your business is for sale. The reality is spreading the news via word of mouth can trigger many negative reactions from your clients and suppliers. This can add a lot of unneeded stress for you. It can even result in some unwanted attention towards your business venture.

So, how do you get the word out to potential buyers? Transworld Business Advisors aggressively markets and advertises your business to a pool of potential buyers, while maintaining your anonymity. This allows your sale to be protected so you can maintain the value of your business. As a seller, you simply want a seamless, expedited sale that gets you a fair asking price. Transworld Business Advisors can help achieve that goal.

3.????Take the first buyer who inquires but not necessarily the first offer.

Now hear me out. This piece of advice may sound controversial, but, during my years of experience, I’ve learned that the first buyer is often the right one. Here’s why:

Many buyers like to use a negotiating technique called “extreme anchoring.” This strategy is about trying to start at a low price to see if they can scare you into lowering your selling price. They’re testing the waters. Basically, the buyer’s goal is to make you, the seller, uncomfortable and nervous that your asking price is too high.

Don’t get offended by the first-time offer. It’s only human to wonder if a better offer is out there waiting in the wings. As a result, many sellers don’t like to take the first offer. Realistically, there is a good chance that the first offer is the best offer.

4. Get Help.

You can help avoid unfavorable outcomes by working with an experienced broker rather than taking the DIY route. Transworld Business Advisors, ?especially when they are also a CBI, provide insights and expertise in terms of advertising and marketing strategy. What’s more, Transworld has access to an exclusive network of thousands of buyers. This type of expert assistance ensures that you maximize the return on your business investment to fund your next adventure, whether that’s exploring a new business endeavor or starting some other new chapter.

But that’s not all an experienced business advisor from Transworld can help with when it comes to selling your business. We can help you in creating an exit strategy, preparing your business for sale, determining the value of your business and, ultimately, finding quality buyers. If you opt to work with a business advisor like Transworld, often the first buyer has already been vetted. The advisor may have even done a previous deal with the buyer and can vouch for them.

While it is possible to make parallels between selling a business and selling a house, the two can be radically different experiences. Before making this life-changing decision, it’s important that you plan and ensure you have the right people working on your side.

Mike Limbers, CBI??/??Transworld Business Advisors?/ [email protected]