Planning to sell your business can turn out to be quite tricky and complicated when you are trying to do it on your own. You can hire a business broker and discuss the various pros and cons of selling your business. Timing is important and when you sell your business at the right time, you will be able to secure a handsome profit.
Benefits of hiring a broker Sometimes, certain companies approach you with the intention of purchasing your company from you. A broker is helpful because you will be able to negotiate in a better way. He will also be able to tell you if the competitor is on a fishing expedition – whether he really wants to buy or whether he is just trying to learn the secrets of your business. To sell your business, you need to do a lot of careful planning, have the ability to do complex negotiations, learn to handle financial discussions and finally, lots of luck.
Your broker will also function as a professional appraiser so you can run a full evaluation of what your business is worth. The valuation will help a lot when you name an asking price (it will be mostly market value) for your business. It will lend more credibility to the sale. And once you have an interested buyer, you need to negotiate the sale, prepare the documents, draft them and still look after the daily affairs of your business. You have to let the staff know of the sale and sometimes, it is done in a better way, with the guidance a professional broker.
Getting the documents ready Business formation documents, photos of your business, insurance details, client details, completed financial documents, business licenses and certifications, loan agreements (present), inventory of products and services related to your business and marketing and advertising documents must be prepared with the help of your broker. You must also get the profit and loss statements ready because the buyer will want to see everything in black and white. A final word… When you plan to sell you business, you must do it in a discrete way because if you let the fact known to your family, friends and colleagues, it could hurt your suppliers and vendors. They might immediately cut off any further relations with you; after all, they are only trying to protect their backs.
For more information click on Business Broker Fort Lauderdale
Russell Cohen – Transworld Business Brokers
5101 NW 21st Ave, Suite 300, Fort Lauderdale, FL 33309
Cell: 954-646-7651 – Office: 754-224-3119