Selling a Business with a Business Broker
When preparing to sell your business, most business owners start plotting out their exit strategy years before. Some take a different approach and start planning to sell a business the second after they finalize the purchase.
Whether you’re looking to cash out on your life’s work of growing your business, or you’re a serial business owner and you’re ready to flip your current business and buy a new interest, having a business broker in your corner is a good idea. A business broker maximizes your opportunity and minimizes your risk. He will use his expertise and experience to guide you through the process to help you avoid the most common mistakes people make when selling a business.
I Want to Sell My Business Now
Did you wake up today and think, “I want to sell my business.”? Well, you better get busy. The number one mistake business owners make when selling a business is not planning ahead or waiting too long to sell. Here are some more common mistakes a business broker can help you avoid when selling a business:
Mistake #1 – Poor Planning
As mentioned, your exit strategy should be a well-developed plan that has been something you and your business broker have nurtured for years. You never know when the perfect buyer will approach your business broker, being prepared for that day takes good planning. Also, waiting to long to create a plan to sell your business can also cause you to miss a window of opportunity. Working with a business broker who will help you set a timeline and put together and implement a well-executed plan, makes good financial sense.
Mistake #2 – Wrong Valuations
A key component of being able to sell your business is to price it right for the market, the economy and a lot of other factors. While your business may be the world to you, what it’s worth on paper and in comparison to similar businesses, what’s going on in the industry and the market place will affect the pricing of your business. A business brokers can perform a business valuation so that your expectations can be in line with the reality of the situation. Your business broker has years of experience valuating businesses and getting them ready to sell. All you need to do is put your trust in them.
Mistake #3 – Not Working With a Broker
Working in tandem with a business broker, marketing your business is a breeze. Going at it alone takes an exhaustive effort on your part, especially if you’re still involved in the day-to-day operations of your business. A business broker brings years of experience to the table — experience in marketing a business that is for sale. He also knows the legal, financial and operational pitfalls to avoid when selling a business. With his expertise and experience, you’ll be guided through the process to obtain the best outcome possible selling your business.
Just as you wouldn’t perform brain surgery on yourself, your risk can be extremely high if you go about trying to sell your business on your own without a broker. Make a call to a local, Florida business broker and discuss in detail the process of selling your business. Depending on how you look at it, you have nothing to lose by making that call, or you may have a lot to lose if you don’t.
Cress V. Diglio, Florida Business Broker
Cress V. Diglio is a Certified Business Intermediary (CBI), a Merger & Acquisition Master Intermediary (M&AMI) and the past chairman of the International Business Brokers Association (IBBA).
Whether you are looking to buy a business, sell your business or merge with another business, Florida Business Broker Cress V. Diglio has the experience to assist you in all facets of the transaction. Call Cress today for complete transaction support and expertise, 407-583-4486, or visit https://floridacertifiedbusinessbroker.com.