Tweet

8 tips to consider when selling your business

Guest post by: Andrew Rogerson

Article Overview: If you are planning on selling your business and your motivation is high, the following tips may help you. Be careful that your desire to sell your business does not come at the expense of making a decision too quickly or indeed being pressured into something you may not normally consider.

8 tips to consider when selling your business

Are you trying to sell your business, and quickly?  Check out these tips as they may help you achieve your goal. 

1. Have a reasonable listing price.
2. Be prepared to negotiate.
3. Have a folder of information readily available for a qualified buyer.
4. Run the business as usual.
5. Make sure the business presents well; give it a "spit and polish."
6. Get a current snapshot of the business financials and keep them up-to-date.
7. Put together a current list of Fixtures, Furniture, and Equipment (FF&E).
8. Consider counting all inventories so the value is known.  This helps the buyer understand the final purchase price and reduces one of the many areas of negotiating a deal.

If you are motivated to sell your business quickly, be careful how you handle each buyer inquiry.  If you disclose too much information too quickly it may result in a lower offer from the buyer.  Additionally, the buyer may sense your urgency, also contributing to a lower offer or in some cases, frightening the buyer away as they may be concerned something is being hidden.

According to the California Association of Business Brokers, it takes about 7 ½ months to sell a business; if it sells.  Once you receive a written offer from the buyer and start the negotiation process, it will take anywhere from 6 to 8 weeks to close escrow if inventory is included in the sale.  It may take longer if licenses such as alcohol, contractors and other specialties are required.

There are many complexities to selling a business.  Using the services of a qualified business broker can protect you and your business and achieve your goal of selling your business in the shortest time possible for the highest purchase price.

 

Related Articles
  3 Ways to Feel Better About the Economy
  Bookkeeping Tips on Tips
  “Seven Strategic Tips For Selling Professional Services Brand, According To Your Strategic Thinking Business Coach”
  What Are You Really Selling?
  Most Frequently Requested Help
  Up-selling Sales Tips
  Home Business Ideas You Can Use To Start Your Own Home Business
  Are You A Knower Or A Learner When Selling?
  Make More Sales By Avoiding The Product Trap
  Your Online Income Will Improve With These Easy Affiliate Marketing Tips for Beginners
  Primerica Term Life Insurance Business: What You Need to Know
  Build your Sales Pipeline and Boost Your Prospect Numbers
  Billy Mays Sales Tips And Selling Strategies
  2 Things Race Car Driving Has in Common with Selling
  How To Inspire Customers To Buy
  Seven Sales Tips that Consistently Close Sales
  10 Quick Sales Tips
  How to Increase sales in Retail – The ONLY 3 ways to do it
  Sales Techniques for the Telephone
  Dealing with Low Dominant People at Work

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



Related Forum Posts
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
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 :-]
Re: Which is the best for beginners? - Hi Apu, I think one good way for Internet beginners to start is to experiment with selling stuff on eBay. In my own case I began by making a website about Japanese mahjong and then tried selling some mahjong goods on it. It worked! Actually, I remember that before I tried selling mahjong goods I experimented with selling other kinds of thing such as Japanese comics on eBay and things like that. I only got into affiliate marketing later on, and used the money I was making selling goods to fund my experiments with affiliate and network marketing.
Re: Branding Your Business On Facebook: Be Creative - Thanks for the tips, Evan. I just got on Facebook this past week, and am looking for ways to gain exposure to my business. I was already on Twitter and have found this to be a beneficial tool for global exposure. This works for me since my coaching is done over the phone. Great tips! Aneshia
Re: How to Use Twitter to Market Products? - Thanks everyone for posting that link to the youtube video and posting tips on marketing your products/services on Twitter. Those are all great tips. I was wondering how people used Twitter to market their business. I use Twitter. You can follow me at @griffinsdesigns.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Quick Tips on Buying a Business

African Technology Development

What is Give Back Marketing?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.