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5 tips to successfully sell your business
| Guest post by: Andrew Rogerson |
Article Overview: Here are 5 helpful tips to consider when you're thinking of selling your business. There are many factors involved and things to think about because they can easily go overlooked. These tips will help you get on your way to successfully selling your business.
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Free Download - How to sell a business By Andrew Rogerson |
5 tips to successfully sell your business
Selling a business you've owned and operated and loved like a child is rarely easy. Business ownership includes many practical matters such as providing an income, helping customers, paying your bills on time etc but it also includes many emotions. These include being successfully, being honest, going above and beyond to help customers and employees to name a few. If it's time for you to sell your business, considering the following will help you be successful.
1. Avoid using high-pressure sales tactics.
Buying and selling a business is a unique set of circumstances. No two transactions are the same. You can never "sell" a business; the buyer has to want to "buy" for reasons that make sense to them. The law recognizes this by defining it as a willing buyer and a willing seller with neither party under any compulsion to close the transaction.
2. Letting negative ideas or emotions get in the way.
There are so many variables when buying or selling a business. Each party needs to navigate through their own practical reasons and then marry those reasons to their own emotions. You cannot make the buyer buy because "this is the best business in the world." They will buy for their own reasons and generally not communicate these to you; especially while you are still in negotiations.
3. Providing incorrect answers to questions.
Trust is a non negotiable item that can kill or allow a deal to continue. Giving incorrect answers to questions will quickly kill a deal or remove any interest the buyer has in continuing discussions.
4. Trying to sell the business to the wrong buyer.
The rule of thumb is that it takes 10 buyer inquiries to lead to one qualified buyer. When that one qualified buyer reveals itself, work hard to make sure the buyer's needs are met without giving away all the business secrets.
5. Forgetting that buying a business is a stressful situation for the buyer
Just as it is for the owner selling an entity they have labored, cherished and worried about over the years, the buyer has no history of the business including its employees, landlord, suppliers, banker and any other parties that currently make the business run.
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Article Tags: Andrew Rogerson, business, Business broker Sacramento, business escrow, business for sale, business plan, due diligence, exit plan, franchise, franchise for sale, Murphy Business and Financial Sacramento, Sacramento business broker, Sacramento business ownership, sell a business, Sell a business, succession planning
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About the Author: Andrew Rogerson RSS for Andrew's articles - Visit Andrew's website Andrew Rogerson is a 5-time business owner that loves helping entrepreneurs sell or buy a business. Andrew currently holds the Certified Business Intermediary (CBI) designation from the International Business Brokers Association (IBBA), the highest designation awarded by the IBBA. Andrew has also earned the Certified Business Broker (CBB) designation from the California Association of Business Brokers (CABB.) He holds a Certified Machinery and Equipment designation (CMEA) from the NEBB Institute and is a Certified Senior Business Analyst (CSBA) with the Society of Business Analysts. Andrew is a member of the Sacramento Metro Chamber of Commerce and past Chair of the Sacramento Chapter of the California Association of Business Brokers. Andrew is also the author on a series of four books: Successfully Sell Your Business, Successfully Buy Your Business, Successfully Buy Your Franchise and Successfully Start Your Business. For more information go to http://www.businesstransactionbooks.com Click here to visit Andrew's website   Successfully buy a business |
Related Forum Posts
Selling my business....
- I am looking to sell my business. It is a profitable business but I want to get out because I am burnt out after 7 years(since I was 17)......... I am almost ready to sell(making the proper preparations)..But I'm unsure about my lease with the landlord. He doesnt seem to want to resign.. I am worried about how marketable my business is with only 2.5 years on the lease...
When I sell my business, does my landlord have to resign with whoever my buyer is?
Thanks in advance...
G.
Re: Unsecured Lines of Credit
- Hello, creditguru:
Thanks for the recommendation. Here are two questions for you that will further help our forum members to make use of your suggestion:
1. How [u:p6n6npsx]does[/u:p6n6npsx] a business establish a strong business credit profile? (Especially small business and home business.) Please provide some tips or guidelines on how to do this effectively.
2. Commercial credit lines can be helpful to a business, but they do require responsible management on the part of the business owner. What tips, recommendations or cautions can you offer to business owners who are considering commercial lines of credit?
Thanks.
GT :-]
Finding a technical person to work with
- Hi Barbara,
I would suggest tapping your network to see who knows who. It's amazing how small the world is. Your situation reminds me of many entrepreneurs who are afraid to go for venture capital because they feel the venture capitalists will take the idea and use it themselves or with another company.
It takes a team to build a successful company and most engineers are just that - engineers. To make the business fly they would need to have their own vision as well as the experience of being a mother with infant / toddlers with strollers and the knowhow to successfully sell and market a product.
This is a highly unlikely scenario and chances are if that person existed your product would already be on the market. I've always found that be telling people what I'm up to I've received far more help than harm.
Re: Ideas on Using Twitter for Business
- [quote="evieparsons":2o69rd2a]1. Build an account and immediate start using Twitter Search to listen for your name, your competitor's names, words that relate to your space. (Listening always comes first.)
2. Add a picture. ( Shel reminds us of this.) We want to see you.
3. Talk to people about THEIR interests, too. I know this doesn't sell more widgets, but it shows us you are human.
4. Point out interesting things in your space, not just about you.
5. Share links to neat things in your community. ( wholefoods does this well).
6. Don't get stuck in the apology loop. Be helpful instead. ( jetblue gives travel tips.)
7. Be wary of always pimping your stuff. Your fans will love it. Others will tune out.
8. Promote your employees outside-of-work stories. ( TheHomeDepot does it well.)
9. Throw in a few humans, like RichardAtDELL, LionelAtDELL, etc.
10. Talk about non-business,[/quote:2o69rd2a]
Hey thanks for these tips. Basically, help others in your market out and build relationships with people. Be someone who gives, not takes. I'll keep them in mind if I go back to social media marketing. I'm currently in the SEO phase of my business.
Re: How to develop sales contacts?
- Gary,
What kind of products are you selling? Are they something you could sell online? The internet opens up a whole lot of possibilities to generate leads, prospects and eventually customers.
You've been given great advice already. The same tips can also apply online as well if you have a website or plan to start selling online.
I'm interested to hear about your business and your products.
Take Care,
Alan
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