Small business ownership can be tough.
We know because we’ve owned businesses ourselves. The long hours, the responsibility – sometimes you feel like just locking the doors. Add to that the current state of affairs. Shut downs, required social distancing and the like. It can be really tempting to just say “forget it” and walk away.
Don’t do it! Walking away keeps you from getting a return on all of the investment of time, money and energy you’ve put into your business. Selling your business, no matter what state it’s currently in, gives you a chance at both continuing the legacy of what you’ve built by keeping it open after you’ve left – and walking away with some money in your pocket as well.
Yes, it takes patience – but you can see it through. It typically takes somewhere between 9 to 12 months to get a business from listing to closing – but this time frame is entirely dependent on the type of business, the buyers currently in the market, the efforts of the business brokers involved, the efforts of the seller and the characteristics of the business itself. Some businesses sell right away, others take longer than 12 months. The only way to know how long it will take to sell your business is to give selling a try.
It also takes flexibility and a good dose of reality. We’ve had clients walk away from decent offers – think hundreds of thousands of dollars – because the offer wasn’t for the full price of the listing or they were too burned out to go on. They locked the doors and left all of that money on the table.
Unbelievable, right? Walking away with something is far better than walking away with absolutely nothing. It is also far better to hang in there for a little while longer and walk away check-in-hand.
We’ve also known folks who refused to try to sell because they didn’t want to pay a commission to a broker. The amount of work it takes to get a business transaction successfully through to closing makes paying for a broker’s help invaluable and a completely sensible business decision. In fact, using a good broker is typically the difference between selling successfully and not selling at all.
Worried about how much the commission would be? Negotiating the broker’s commission rate is something you get to do before you list, so if you don’t like the number you can absolutely walk away. Before you do, however, realize that the chances of a business seller successfully getting to closing on their own is usually slim to none – and if you can’t sell on your own you will more than likely be leaving a lot of money on the table.
Don’t lock the doors. Call us instead.
Have you considered selling your business and want to know what businesses like yours have recently sold for? Would you like to know more about selling a business that is currently closed? Leave any questions or comments and we would be happy to help.
5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242