It is complicated to sell your online business when you have an experienced Internet business broker by your side. The broker you end up hiring has to be the one with the most experience selling businesses like yours. You can find the right broker with us. At So-Cal Business Brokers we have been selling Internet businesses for more than 20 years now. We know how to get your business ready for sale, how to negotiate the best terms, how to avoid problems, how to navigate unavoidable pitfalls and so on. However, even with our expert team taking care of everything for you, we highly recommend that you understand how negotiations work.
Once we have received great offers from multiple buyers, the first thing we do is not try to negotiate but rather build trust. After identifying a preferred buyer it is crucial that you develop a relationship with them based on trust. Our team understands this. The first thing we do is prescreen the buyers. This helps our Internet business brokers to narrow down the field to the serious buyers. We will then lead the discussions to further build trust.
Understand the offer
The next thing that needs to be done is to understand the offer that is on the table. Even with your selling price clearly stated, buyers will give you the offer they feel is fair to them. At times the price might be right but the terms might not be. It is very important that you understand the offer clearly before you accept it. This is more so if the offer states there are certain liabilities you will need to take on. Our job at this point is just to advise and manage your expectations. We will also help you decipher the terms in the offer and give our recommendations.
Have a written agreement
Getting everything in writing is the most important thing to do when negotiating with buyers. For starters you need to ask for their Letter of Intent or Heads of Agreement. This is a document that sets out the key points of the offer. It gives details on what the buyer has agreed to buy, payment structure, who pays the costs, lists of included assets, contract details as well as responsibilities to the employees. This is the first agreement we tackle during negotiations.
There is a lot that is involved in a negotiation. Our team has handled multiple negotiations in the sale of Internet businesses. We will help you get the best terms at the end of the day. Contact us now to take advantage of our free consultation.