The decision to sell your business is a big one. This is a product you have developed from the ground up and you want to get maximum return for it. You also don’t want it to remain on the market longer than it should. To avoid guesswork and sell for maximum profit, you have to first involve an experienced business broker Potrero. The role of the broker will be to guide you through the process and give you access to his resources. Second, you need to do the following.
Prepare a Business Summary
Every business broker Potrero will tell you that a business summary helps reduce wasted time with buyers by more than 90%. It ensures a smooth, professional sales process and can significantly increase the value of your business and even reduce post-sale litigation. A business summary is an overview of your business and answers the questions most buyers ask. The 10 to 20-page summary is sent to a buyer once they sign an NDA. A business broker in San Diego will help prepare an effective business summary and help you draft an NDA.
Market the Business Aggressively
A Business Summary helps you identify your ideal buyer. The next thing you need to do is reach out to those ideal buyers. This requires aggressive marketing. You can approach a potential buyer directly through phone calls or advertise your business through listing sites. Working with a business broker will give you access to his contacts. The broker will promote your business to interested buyers already in his contacts. An experienced broker will also use his networks to find buyers, some of whom may be outside your industry.
Getting amazing offers is not enough. Most of the people who contact you will only be interested in snooping around and nothing more. That is why it is so important to always screen buyers before sharing any information with them. For starters, every buyer must sign an NDA. This will keep them from leaking any of the information you share with them. Second, you need to allow your business brokers Potrero to dig into the buyer. Your broker will focus more on the finances of the buyer. Does he have the means to acquire your business?
Manage the Due Diligence Process
After meeting with qualified buyers and accepting an offer, the next step is due diligence. In this step, the buyer will be trying to identify potential deal breakers. An experienced business broker in San Diego can ensure that the buyer doesn’t find anything you didn’t already know about.
The final step is closing. You have to prepare for this weeks in advance. The goal is to keep the momentum moving and keep all the parties organized with timelines and checklists. Closing is a routine process that should be done with supervision from an experienced business broker Potrero.