3 Things You Must Avoid When Selling Your Business
If you have done your research on how to sell my business Boulevard you definitely know that the first thing you need to do is bring in the right team. Your team should be made up of the best business brokers in San Diego, transaction attorneys, accountants and financial advisors. This team will ensure you eliminate guesswork and sell fast. All in all, even with this team onboard, there are certain things we recommend you avoid. At So-Cal Business Brokers we have sold many businesses in the past and here are our top lists of the things you have to avoid at all costs.
Not getting sufficiently ready for the sale
Lack of preparation is the most common mistake that will keep you from ever selling your business. Just like you would fix up your home before putting it on the market, you have to spruce up your business before selling. Some of the things you need to address before you sell my business Boulevard include your financial documentation, lease issues, sustainable profitability, staffing problems and other concerns that will impact the command of your business in the marketplace.
Our team of business brokers will perform a thorough business valuation to identify the strengths and weaknesses of your business. We will also help you fix the fixable flaws such as removing you from operations and hiring or training a management team. We will also document your processes and systems so that the new owner is able to take over with ease. Call us now to learn more on how we will help you prepare your business sufficiently for sale.
Failing to prequalify buyers
Even with a foolproof confidentiality agreement you need to prequalify buyers thoroughly. This is for the simple fact that not every buyer that comes knocking is interested in buying your business. Most just want to snoop around.
One of our biggest tasks at So-Cal Business Brokers when you hire us is to prequalify buyers. We believe that early prequalification will protect your sensitive information and keep you from wasting time with the wrong buyers. When you want to sell my business Boulevard our team will prequalify documents like financial background information, confidentiality agreements and reasons why buyers are interested in your business. We also maintain confidentiality by not disclosing your business information all at once. We disclose information in stages.
Not pricing the business properly
Poor pricing will keep your business on the market for the longest time. A price that is too low or too high will scare off buyers. Remember that buyers will perform their independent business valuation and due diligence. If they realize the price is not right you will lose them.
Our job at So-Cal Business Brokers is to help you set the most accurate asking price. We do this by evaluating several things including the current market climate. We have also sold businesses that are similar to yours and know what buyers would be willing to pay.
This list is not complete. We encourage you to contact us to learn more on why your business is not selling. We are always eager to hear from you. Give us a call today and take advantage of our free consultation.