When it comes to commercial business sales Pine Valley, the first question business owners ask is how to speed up the sale. While it is not possible to sell your business within a month, there are a couple of things you can do to speed up the process. In this post we shall be looking at the two most important things you should do to help you close faster and for the right price.
Reasonably Aggressive Pricing
To achieve a quick sale, you have to price your business properly. This requires that you get a business valuation performed and work with an experienced business broker to price the business correctly.
While it is easy to assume that setting a lower price will help sell your business faster, that is not always the case. In commercial business sales Pine Valley, prices that are too low end up being perceived by serious buyers as red flags. You don’t want buyers to be suspicious of why you are selling your business for a very low price, do you?
Buyers are always looking for a great deal but are not interested in businesses that are being dumped by the owner. They expect to pay a reasonable price for a business. An experienced business broker in San Diego will help you set a realistic price range within which to sell your business. The broker can also help you offer incentives like financing options which will compel buyers to buy your business faster.
The worst mistake you can make when getting ready to sell your business is not having your documents in order. When a buyer is interested in buying your business, he or she will start the lengthy process of meetings, discovery, offers, counter offers, due diligence and so much more. Throughout this period the buyer will be requesting various documents ranging from balance sheets to lease agreements. Having all the required documents in hand is the key to speeding up the process.
Providing the requested documents is not enough. You need to make sure they are ready, clean and perfectly organized. You will need records for at least the last three years. The documents you will need include financial statements, tax returns, copies of leases, internal documents like organization charts and policies manuals. Having these documents ready will keep the process moving quickly and put buyers at ease because they will know you are running a clean and organized business.
Be ready to Compromise
Last but not least, you have to understand that commercial business sales Pine Valley involve a lot of negotiations. You should not be too rigid with your price and terms. Identifying your top priorities before you start selling will help you know when to compromise and when no to.
These three strategies will help you close fast without risking selling at a loss. Involving a reliable business broker in San Diego is, however, not something you should ever compromise on. The right business broker is the one that will determine how fast you sell.