One of the hardest tasks in commercial business sales Valley Center is convincing interested parties that your business is worth buying. It is very easy for serious buyers to be turned off by the smallest of things. While your business broker in San Diego will do their best to win potential buyers over, there are a couple of things you will have to do in order to increase chances of success. In this post we will be looking at the three key things you can do to win the trust of buyers.
Agree to stay on board after the sale
A key fear buyers have is that of not being able to reach you for advise when they need it. You are the only person that knows what works and what doesn’t in your line of business. Agreeing to stay on board is one of the best things you can do in commercial business sales Valley Center.
In most businesses for sale transactions, sellers agree to stay on board for a couple of months to show the new owner the ropes and answer questions that may come up. However, while it is a great idea to stay on, you have to consult your business broker first. You cannot agree to stay on indefinitely. Your broker will help negotiate and agree on favorable terms.
Motivate employees to stay
A nightmare buyers dread is employees leaving one after the other once ownership has been transferred. In most cases, buyers are interested in businesses that have employees that have been around for quite some time. This eliminates the need to hire and train new staffs. The existing staffs know how a business works and there is a higher chance of success with them on board.
To speed up the sale of your business, you should motivate your employees to stay after the business is sold. Set up a meeting with your employees and give them a good reason to stay. A great way of doing this is offering incentive plans like profit sharing plans and bonuses then asking the new owner to honor those plans.
Offer seller financing
There is nothing that instills confidence in potential buyers more than offering seller financing. This is because when the purchase is seller financed, the seller will have vested interests in a successful transition. This is because if the business fails the seller will not get paid the balance. Seller financing further widens up the pool of buyers who can afford your business. Discuss seller financing with your business broker in San Diego.
These three tips will give you an upper hand in commercial business sales Valley Center. The best thing you can do, however, is make sure you have the best team working with you. Start by hiring a business broker that has sold businesses that are similar to yours.