Posted by : Amanda Stein Monday, June 24, 2013
If you are looking to sell your business, of course your main goal should be the make the maximum amount of profit possible from the sale. The only problem is that most people simply do not know how to go about selling their business, so they choose to use a broker to help put them in contact with potential buyers and facilitate the sale. If you are interested in selling a business, then you need to know exactly how to go about it yourself so you can make the most profit. This is why we have developed these tips which will help make the sale much easier and ensure you make the most money possible in the process.
Don't Use a Broker, They'll Just Eat Up Your Profit
The first tip to selling your business is to avoid using a broker to help you make the sale. Most people feel that hiring a broker is simply the easiest, if not the only option available to them. While this may have been true in the past, it is simply no longer true and the only result will be that you have to pay quite high fees and commission to the broker, which will eat up a significant portion of your potential profit.
List Your Business Online To Generate Enquiries from Interested Buyers
If you are like most people, you are probably asking yourself, "How do I sell my business without using a broker?" Well, the answer is actually quite simple. You should try to sell your business yourself by listing it on the many for sale by owner websites out there. Going this route will allow you to sell your business yourself without the need to hire a broker and thus ensure you make the most possible profit, and selling a business online is actually much easier than most people think.
The first thing you will need to do is create a paid listing for your business on one of these FSBO websites, and choose how you will pay for your listing. You will typically have several options for paying for your listing, all of which are significantly cheaper than the fees you would have to pay a broker.
Be Sure To Have Your Important Documents & Reports Ready
After creating your business listing on a for sale by owner website, you can just sit back and wait for people who are interested to start making enquiries about possibly buying your business. Still, at this point the sale is far from certain. In order the facilitate the sale and make things go much easier and more smoothly, you need to make sure you have all of your important business reports and documents ready for the potential buyer to look through. No one will buy your business without first looking through your books, so it is important to be prepared to show them everything, including profits and losses, and a business plan.
With any luck, you will soon start to get offers from people who want to buy your business after looking through your reports. Then you can simply negotiate the sale price directly with the potential buyer and hire a lawyer to draw up the contracts and finalize the deal.