What this client found out….
When I decided to sell my business, my primary goal was to sell fast and for the best price. This is probably the primary objective of every business owner who wants to sell business. The downside is not every person is able to sell fast and at the right price. In my case, there are a couple of steps I found crucial and they helped me sell my business fast.
Prepare your business in advance
This is an axiomatic point but one that is often overlooked. When I told my business broker San Diego that I wanted to sell my business, the first thing he told me to do is prepare my business for sale. Prior business preparation before sale is what draws the line between a fast and good sale and a slow and bad sale. In your preparations, you need to make your business as attractive as possible. Start doing this several months in advance. If you have outstanding debts, clear them. Try also to expand your market reach as this will help when it comes to business valuation.
Prepare answers to buyers’ questions
To buy a business is a huge decision and buyers will ask you a chain of questions to verify that your business is worth investing in. Before I could sell my business, I liaised with business brokers to understand the common questions buyers ask. This helped win the confidence of buyers because I was able to answer their questions without hesitation and in the right way.
Price it right
Pricing is everything. The first thing you will need is business valuation from an expert to know how much your company is worth. Even after this, you should be realistic in pricing. A price that is too high will push buyers away whereas a price that is too low will lead to losses or even scare potential buyers. To sell my business, I sought professional help from a business broker San Diego.
If nobody knows you want to sell business, you won’t get any offers. To sell fast, you have to advertise to as many potential buyers as possible. The more people know about your business the easier it will be to close the deal speedily.
Nudge buyers to make a fast decision
The market is always unpredictable and you never know when your business may take the wrong turn. To sell my business fast, I have to keep urging buyers to make a fast decision. For this to work perfectly, you must first make your company attractive then do everything possible to make the buyers comfortable. Do not push them too much else they will smell a rat and run.
Offer to help after the sale
Running a new company is never easy. There is a lot of familiarization that ought to be done. To entice buyers and put them at ease, offer to give them any help they need once ownership has been transferred. By offering to stay on for a few weeks providing consultation, I was able to sell my business faster.