Hiring a business broker Orange County is obvious the first step you need to take. The reason for this is because a business broker has sold many businesses before. He will advise you accordingly to avoid mishaps during the sale. What is more is that a good business broker will help find qualified buyers, help with negotiations and ensure that you close first. Even so, there are still three very important things you need to do in the first step of selling a business.
Pay off outstanding payments
A business valuation is meant to determine the actual worth of your business. Business brokers Orange County will help you with that. However, it is important to note that the final report will be affected significantly by the outstanding payments. These payments include outstanding loans, invoices and so on. To ensure you get the best report and price your business right, pay the outstanding payments.
The main point here is that the less liability your business has the better it will look to the potential buyers. If there are outstanding payments owned to your business, try and collect on them before the sale. This is particularly so if the outstanding debts are over 90 days as these are considered to be likely to be written off.
Get your finances in order
The second thing you need to do is to get your finances in order. Buyers will want to take a look at your finances. Before you list your business, you need to track all the financial information as well as conduct necessary business accounting. The more understandable and concise the financial information is, the smoother the sale will go. A business broker Orange County can help find a qualified CPA to help with the accounts and also give you advice on what to do to make your financial information more attractive to buyers.
Fix weak areas
The third thing you need to do is to identify the weak areas of your company and come up with a strategy to address those weaknesses. The reason why this is so important is because buyers will use your weaknesses against you during negotiations. The business valuation report will give you an idea of your business weaknesses. If you have time, don’t sell until you fix those weaknesses.
The three are the most important things you need to do when getting ready to sell your business. Never rush the process. You also need to heed to the advice given by the business broker Orange County that you hire.
Business brokers San Diego understand that selling a business is not as straightforward as most people think. There are ups and downs that need to be addressed. It is for this reason that you as a buyer should learn a couple of things regarding the sale of a business. In this post, we shall be taking a look at the main options that you can use to list your business if you plan on selling it yourself.
Through a broker
One of the most promising options is that of working with a business broker San Diego. Business brokers use a combination of marketing options to ensure that your business is seen by more buyers. What is more is that buyers trust listings by reputable business brokers than those made by individuals. This means working with a broker when marketing your business for sale will give you better results. A broker will even use his professional networks to find you the right buyer.
Another option you can consider using is that of online business-for-sale. There are so many websites that offer these services for free or for a small fee. The best thing is that these sites are frequented by people interested in investing or buying existing businesses. Some of the main websites you can use include the following:
There is no harm in using all of these sites. Using more than two of the aforementioned sites will give your business more exposure. All in all, before you add your listing, make sure you don’t disclose sensitive information. The last thing you want is for your customers, employees, suppliers or lenders to get wind of the sale. They will abandon you and that will cause the value of your business to nosedive. Always consult a business broker San Diego before you post your for sale.
The aforementioned sites are for advertising businesses that are for sale. For more exposure, you can use unconventional channels such as posting your ad on craigslist or on business forums.
This is a more traditional method but it will certainly give you the results you need. Although newspaper classifieds are not as focused, they will help get the exposure that you need.
There are so many business journals out there. Make use of their classified sections. Advertise in several well-known business publications in your area.
This is yet another great place to list your business if you don’t want to use the services of business brokers San Diego. The trade associations are ideal for businesses in labor, construction or service industry.
The last option is word-of-mouth. This is a productive method of advertising your business. The problem with this option is that it can make managing confidentiality more difficult.
The above methods will definitely help you find the right buyer for your business. However, if you lack the time to advertise and meet potential buyers on your own, consider working with a business broker San Diego. He will take over the sale.