How to sell your business: are business brokers worth it?

Описание: Should you sell the business yourself or hire a business broker?
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Selling a business is a lot more complicated than selling a house. One cannot simply put up a "For Sale" sign in front of your business. Residential real estate brokers typically pull comparable home sales in the neighborhood to arrive at the value of a house. On the other hand, obtaining comparable sales for a business is practically impossible since most privately held businesses change hands confidentially.

The first area business brokers can help is to provide an accurate business valuation. It is essential to price your business correctly from the start. Having an asking price that is off the mark can greatly hurt your chances of selling the business successfully.

The second area business brokers can help is maintaining confidentiality. It is hard to keep the sale confidential when the business owner is trying to sell the business himself or herself.

The third area business brokers can help is marketing. An experienced business broker has contacts and databases of buyers that are looking to purchase a business such as yours. A good business brokerage firm also knows how to package your business using the language business buyers understand, and position your business in a way that gets you the highest possible price.

The fourth area business brokers can help is negotiations. During the sales process, there will likely be a number of negotiations with the buyer, the buyer’s accountant, and the buyer’s attorney. Many mistakes in negotiations can be avoided by having a good business broker on your side.

The fifth area business brokers can help is financing. If the buyer is obtaining bank financing to purchase your business, choosing the wrong bank can often lead to lengthy delays or the loan being denied. The buyer’s favorite bank is not necessarily the best bank to choose for the financing of the business purchase. An experienced business broker often has numerous bank contacts, and knows how to present the buyer (and your business) in such a way that results in the bank loan being approved in the shortest time frame possible.

If your business is a franchise, the sixth area business brokers can help is working with the franchisor. There are often times franchise agreements, buyer qualifications, and training requirements that need to be dealt with.

The seventh area business brokers can help is working with the landlord. If your business currently leases a building, the lease will need to be assigned to the buyer. If your lease is expiring soon or on month-to-month, the buyer may want a long-term lease from the landlord. Failure to negotiate properly with the landlord can lead to the offer falling apart.

Last but not least, business brokers can provide a voice of reason at the closing table. Emotions sometimes run high on closing day, and buyers have walked away from the closing table. Having an experienced business broker on closing day helps keep everyone in check, address any last-minute issues that come up, and facilitate the meeting until all closing documents are executed.

You are an expert at your business, and a business broker is an expert at selling businesses. Having an expert on your team will dramatically increase your success at achieving a smooth and profitable sale.

Aaron Muller is a business broker and serial entrepreneur. He owns 7 companies as an absentee owner in the Seattle area, and helps people buy and sell small businesses full time as the President and Founder of Advantage Commercial Brokers. He is the author of the e-book The ABCs of Selling Your Business: How to Sell Your Business Profitably and Avoid the Costly Pitfalls, and the e-book The Secrets of Buying a Business: How to Identify the Best Opportunities and Secure the Best Deals. You can download these e-books for free at http://www.acbrokersinc.com

The Guide to Selling Your Business is a YouTube video series that answers the most commonly asked questions business owners have when they are thinking about selling their business. From business valuation to common mistakes business sellers make, Aaron Muller will guide you through the process of selling your business. Watch the playlist here:    • Guide to Selling Your Business  

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