Steps for Selling a Business with a Business Broker
Even with the help of a business broker Coronado, it is important to understand what is involved in the sale of a business. It is only with a good understanding of the sale process that you will be able to ask the right questions and also know when your business broker is screwing things up. We have outlined the primary steps you should take when selling your business.
Prepare for sale
You need to get your house keeping in order before you present your business to buyers. First impressions matter a lot. Having sold many businesses in the past, our team at So-Cal Business Brokers will help with prepping. Your business broker Coronado will ensure that you have the P&Ls (Profit and loss statements) for the past 3 years, updated inventory and asset registers, current contractor/ employee/ client/ lease contracts. We will also advise you on what is needed and help where we can such as liaising with the accountant if needed.
Value your business
This is needed both to understand the actual value of your business and also to identify the strengths and weaknesses of your business. We understand that getting the right selling price is a top priority and so we do a thorough analysis of your company to get credible valuation. Our appraisal is comprehensive and includes several factors such as annual turnover, physical assets, online presence, and number of customers, industry trends, mailing list, and market potential and so on.
How much can I sell my business for? How do I get an accurate valuation report? What is the actual worth of my business? If these are some of the questions you are asking, you should talk to So-Cal Business Brokers today. Our highly trained and experienced team will provide you with a detailed business valuation report. We are also happy to discuss the sale process in more details with you.
To find the right buyer, you have to market extensively and to the right type of buyers. Our business broker Coronado will help identify the ideal buyers for your business and come up with a thorough marketing strategy. We explore all your immediate networks including customers, competitors, industry professionals and employees. We also consider buyers in our database to see if any of them would be interested in your business. We will also list your business both on our website and on listing sites. After vetting potential buyers, we will give you the EOI (expression of interest).
Negotiation is the most heated step of the sale. It involves getting offer and giving counteroffers and also lots of due diligence. We will take the hassle of accepting offers and due diligence off your hands.
Settlement and handover
This is the final step. Making the decision to sell is a very hard decision but everything is easy with So-Cal Business Brokers. We will support you every step of the way to smooth the sale.
Do you want to sell your business? Let’s talk. Give us a call and learn more on how we can help sell your business successfully.