Top Reasons Why Businesses Fail to Sell
The main reason you need to hire a business broker Seal Beach is because not all businesses that are listed end up selling. Working with a broker increases chances of selling and for the best price. At So-Cal Business Brokers we have more than 20 years of experience selling businesses in Orange County. We know what needs to be done for a certain business to sell. That is why we encourage you to leverage on our expertise and network in order to sell your business fast and for the right price. In our experience, here are the top reasons businesses fail to sell.
Not hiring a broker carefully
This is a very common mistake business owners make. People assume that a business brokerage firm will do everything needed to sell their business. What they fail to understand is that business brokers have different areas of specialty. At So-Cal Business Brokers, for example, we only focus in the sale of manufacturing, service, distribution and Internet businesses. Our business brokers Seal Beach will not handle the sale of retail stores, restaurants, motels and startups. It is also good to note that we handle transactions with a market value of between $500,000 and $10 million. With that being said, we are not the team for you if you want to buy a business and if your business is valued at less than $500,000. For any clarification feel free to give us a call. We are always happy to hear from you.
Not prescreening buyers
Not every buyer that comes inquiring about the sale is interested in buying your business. Some just want to look around to learn your trade secrets. Others are window shopping and will never commit. Our duty when you hire us is to prequalify buyers before letting them through. We will consider the interests of the buyer, goals and if they have the finances to purchase your business. What is more is that buyers are required to sign NDAs so as to maintain confidentiality. We don’t disclose information about your business right away either. We do so in stages.
Only considering a handful of buyers
This is without any doubt the worst mistake you can make when selling a business. The only way to sell for maximum profit is to consider multiple buyers. Our business broker Seal Beach will help you get competing bids from multiple buyers. We achieve this by marketing your business far and wide. This gives you maximum exposure.
Other mistakes worth mentioning include not managing confidentiality effectively and selling to buyers who cannot run the business successfully when offering seller financing. Our job at So-Cal Business Brokers is to ensure your business sells and for the best price. Contact us now to learn more.