Are you selling your business in Jacksonville, Florida? With your broker’s help, the first step in selling a business in Jacksonville is to establish your selling price.
When selling your business in Jacksonville, remember that there are usually two prices, one is the asking price which is what you, the seller, would like to get for the business. The second is the selling price which is what the seller receives. Somewhere in between these two numbers is the fair market value, or the highest price the buyer is willing to pay and the lowest price the seller is willing to accept.
Determine Fair Market Value When Selling My Business in Jacksonville
While there is no set formula to figure out the fair market value as each business needs to be considered on an individual basis, there are, however, certain benchmarks and valuation approaches and methods that enable an experienced appraiser to determine the most probable price for the business. When you have your business priced appropriately will make it more attractive to a potential buyer.
How to Sell My Business in Jacksonville
If you’re thinking about selling a business in Jacksonville, you’re not alone. Many business owners choose to sell their business at some point. The reasons business owners have for selling a business in Jacksonville are varied – maybe they want to retire, maybe the business isn’t producing the profits they need in order to live off of it, or maybe it’s just time to move on. Whatever the reason, here are a few tips on how to sell your business in Jacksonville.
1) To Sell Your Business in Jacksonville – Make Sure it’s In Good Shape
The cleanliness of a business is important when selling a business in Jacksonville or really, any city. Although it is subjective as to how clean the business is, it is important. For instance, an auto mechanic’s shop may not be as clean as a bakery, but a general clean up will bode well. You only get one chance to make a first impression. Walk through your business with a critical eye and really see what others are seeing.
2) To Sell Your Business in Jacksonville – Get Your Paperwork Together
Your business broker can direct you on the specific paperwork you will need to sell your business in Jacksonville; however, here is a list of important documents that will be required at some point in the transaction of selling your business in Jacksonville:
- Gather your last three to five years of tax returns and balance sheets.
- You’ll need your bank statements and Profit and Loss statements.
- If you have a lease, a copy of the current lease.
- Get together copies of your insurance policy and any licenses and permits.
- Be sure to make a list of any furniture and/or equipment that will be sold with the business.
- Any existing vendor agreements that are in place.
3) How and When to Tell Your Staff You’re Selling Your Business in Jacksonville
Telling your staff may or may not have consequences to your business. If you think that they will react in a negative manner that could financially impact your business in a negative way, it may be best to delay letting them know that you will be selling your business in Jacksonville. Additionally, it may be best to keep the details of selling a business in Jacksonville under wraps if vendors or customers could get wind of a sale. Often times this stirs up additional questions and some headaches for business owners, which you may want to avoid at present. Your business broker can help you determine the best way to tell your staff and the proper timing on it as well.