When you have made the decision to sell your business, one of the considerations you will need to address is whether to use the services of a business broker for the transaction. Do you really need a business broker, or can you just sell your business on your own?
The short answer is yes, you absolutely need a business broker.
What follows is the third in a series of articles listing the reasons why the services of a business broker are essential for a smooth and successful business transaction. Mistakes made during a business transaction, many made simply because of the inexperience of the business seller, can be extremely costly. The fees you pay to utilize an experienced broker can be more than justified by avoiding these major blunders.
#3: Keeping Your Business Running
The fact that you currently own a business that is doing well enough to sell is a testament to your abilities as a business owner. It is by your hand and through your day-to-day work that the business continues to succeed. Many owners think that because they are good at running a business, they will be good at selling one too. Unfortunately, this seldom is the case.
Did you know that it typically takes around 9 months to sell a business? In that amount of time, how much time will you as a business owner be able to devote to the business sale process? Will those hours spent qualifying dozens or even hundreds of potential buyers take you away from your day-to-day business operations? Will all of that lost time affect your bottom line?
Before you decide to forgo the services of a business broker, take a good look at factoring in the amount of time and money you are going to have to spend selling your business. Shifting your focus away from your business for 9 months will likely lead to lost sales and other neglected responsibilities.
During the sale process, you should be focused on building your business as much as possible, because buyers will know if a business is on the rise or sliding, and will pay more for a business that is doing well.
By hiring a broker, you can do what you do best, run your business and keep it in the black. The broker can focus on all of the marketing, take all of the calls, and qualify buyers for you.
Have you sold, or tried to sell a business on your own? Do you have any questions about how our services will let you focus on your business instead of the sale process? Feel free to leave a comment here. We look forward to hearing from you.
Want to read Part 1: Confidentiality? Click here.
Want to read Part 2: Evaluation? Click here.
Want to read Part 4: Marketing Power? Click here.
Want to read Part 5: Protection from Legal Issues? Click here.