If you are interested in selling your business, you should know that the selling process is neither immediate nor easy, so gather a good deal of patience when you decide to begin.

It typically takes 9-12 months to get the business through the process from listing (start) to closing (finish) so patience will come in handy.

If you are someone who is looking for an immediate exit, speak to a business broker about the reasons for taking your time when selling your business. A patient seller is likely to get a greater return on their business investment of time, energy, and money than someone who wants out today.

When you are looking to sell your business, there is one very important question to ask. What aspect of the business sale process is the most important? Staying in business!

An existing business sells for much more than you would get liquidating your physical business assets after the doors are closed. In fact, the last few months of owning your business are where you should push the hardest for better numbers. Better numbers might mean more money for you at the closing table.

Are you someone who has sold a business in the past who understands the importance of patience? Did you have a business that closed, resulting in the liquidation of assets instead of a business sale? If you have advice for today’s business owners who are looking to sell, please leave a comment here.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

Not all small business owners are great at keeping records. While this may not affect the day-to-day operations of your business it will critically affect the selling price of your business when you decide to put it on the market.

It is very important to have clear and concise financials, as financials that are perceived to be cloudy have the potential to kill a deal.

Here’s how to start:

-Give your financial statements a good restructuring so that they are easy to read. A shoebox full of receipts is not going to work here.

-Buyers typically want to see the last three years of tax returns as well as the last three years of financial statements, so along with your financial statements you will need to make sure that your taxes are up to date.

-Along the same line as having your taxes up to date, any outstanding IRS or lender issues will need to be addressed so that you don’t lose the trust of a prospective buyer.

-Keep your numbers clean and concise and keep any non-business personal extras out of the figures.

-Costs that the new owner will not inherit, like your salary or other personal expenses should also be left out.

Are you a business owner with immaculate records who has some great advice for owners who don’t have this as a natural talent? Leave a comment here and let us know.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com

You’ve spent a great deal of time, energy, and money building your business, and now you are ready for a new business chapter or to step gracefully into retirement. Perhaps your hard work has paid off with a prosperous business that will look great to any potential buyer and will be met on the marketplace by more than one offer.

What if you are on the other end of the business selling spectrum?

You may be completely burned out. You might be very low on cash flow. If you are afraid that putting your business on the market is an exercise in futility simply because you are burned out, don’t be. There are options for any business owner that don’t include locking the door and walking away.

You have worked hard, so when you are ready to retire from your business it is time to let all of that time and energy work for you. Just because you may not see the current value in your business, it might be just what a prospective buyer is looking for. Try to avoid selling yourself short by talking with a business broker about your business exit options.

What are a few options to consider?

-Spending some time getting the business, and more importantly the numbers, where they need to be in order to get you the greatest return in your business sale.

-Franchising or partnering with a similar business that is looking to expand.

-Putting a partner in place that will let you significantly reduce your time commitment to the business.

Before you walk down any of these paths be sure that you have a defined reason for selling or exiting your business. If you are not really ready, it will likely mean that you will end up dragging your feet in the process which may cause potential deals to fall apart.

Are you a business owner who is ready to retire or an owner who is feeling a bit burned out? What business exit options have you considered, and do you have any questions about what options may be available to you? Leave a comment or question here and we will be happy to answer you.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com