Building a successful business from scratch requires a lot of hard work. However, even after realizing your dreams, you cannot run that business forever. There will come a time when you have to let it go. If you are ready to retire from your advisory firm, the first thing you must do is involve a business broker for advisory firms San Diego. This is a professional that has more experience selling businesses like yours. Their input will help close fast and for the right price. But how exactly does a business broker help with the sale?
Draft a business summary
As a business owner, you want to sell your advisory firm within the shortest time possible. You also want to get the best value for it. With this in mind, the first thing a business broker for advisory firms San Diego will do is help you write a business summary. A business summary is typically 10 to 20 pages long. Its purpose is to outline the relevant information that an interested buyer would want. This document needs to be created upfront to help the seller weed out undependable buyers. Your business broker in San Diego will create a comprehensive business summary that offers a buyer everything they need to know about your business. This information helps a buyer know if the business is a good fit or not.
Develop accurate valuation
Another important thing a business broker needs to do is develop an accurate valuation. As the owner of an advisory firm, you may lack the market knowledge and experience needed to develop an accurate valuation. There is also the fact that you cannot guess numbers and use them as facts. Buyers need verifiable figures. A business broker understands local market dynamics and has significant insight into the industry. As a result, they will consider more than the basic assets, liabilities and financial metrics to determine how much your business is worth. An accurate valuation helps set the right selling price.
Find interested buyers
The next step is for the business broker to market your advisory firm to interested buyers. Bearing in mind confidentiality has to be maintained throughout, blind ads will mostly be used. The broker will use his list of prospective buyers to find buyers. They will also rely on their professional networks to cast a wider net.
The best thing about working with a business broker is that you can be guaranteed that the buyers that get through the door have already been pre-screened and verified as serious buyers. You don’t have to deal with ‘jokers’. Moreover, the broker will help with the negotiations and facilitate closing.