Selling a business is a difficult process that you need to take seriously. Your future and your family’s future might depend on this sale, so you need to focus all of your time and energy on generating multiple offers so you can find the best deal possible. But how do you actually find the right buyers for your business?
There will typically be 15 prospective buyers on the market for every single business listed for sale. Just because you have 15 potential buyers, however, doesn’t mean any of them are suitable candidates for your specific business. You want to make sure you’re leaving your company in good hands, and more importantly, you want to make sure that you’re earning a healthy profit from the sale.
Hopefully, this brief guide will help find and identify the right buyer when you’re selling a business:
Have all your books in order
Making sure all your company’s financial and personal information is on hand is essential during the sale of your business. When meeting with prospective buyers, you’re going to need to show them all of your sales numbers, tax reports, payroll information, and other important documents that will (hopefully) persuade them to make an appealing offer.
Work with an auditor and broker
Working with a professional business broker or a competent M&A firm can help you get all documents in order, even if that’s something that you’re not used to. Number-crunching isn’t for everyone, so consulting with an experienced professional can streamline this process and place you in contact with potential buyers much sooner.
Perform a formal valuation of your company
Despite how trustworthy you may be, buyers likely won’t take your word for how much your business is actually worth. They are going to want proof — so the burden is on the owner to provide it to them. You can request a business valuation from a qualified company and then adjust your asking price accordingly.
Make sure you’re taking your time to search for a credible buyer when selling a company. If you’re patient and putting the necessary effort into your sale, your sale will go more smoothly and with the expected results.
If you need help selling a business and want to consult with trusted advisors in Florida, contact Aberdeen Advisors today.