It goes without saying that selling your business is one of the most important decisions you will ever make. Your business represents years, decades or perhaps a lifetime of hard work, dedication and passion. When it comes time to sell, there are a few key steps you don’t want to miss, which is what we will outline in this article.
Plan Ahead. One of the most important steps you can take as a seller is to actually begin the sales process and planning far in advance of the date you plan to put your business on the market. Working with an experienced business broker in Chicago, even before you’re ready to sell, is a great way to ensure that you have everything ready and know what to expect when the time comes. Doing this can also help you avoid the abundance of pitfalls that can come with selling a business.
A business broker can also help identify weaknesses in your business and help you address those issues. Your broker can help you with everything from strategy and negotiations, maintaining confidentiality and establishing the market value of your business, to connecting you with other seasoned professionals, such as accountants and lawyers.
Be Flexible. Another important thing to remember when selling your business is to remain flexible and open-minded. Selling your business may not go as planned, and you will need to remain respectful to your potential buyers and be able to anticipate that they will need a multitude of information to make an empowered decision.
The right “seller psychology” is essential. You should not attempt to rush or force a sale or overprice your business. In short, you need to keep “your head in the game” and as much as possible, keep your emotions out of the process.
Be Realistic. It’s important to understand the statistics so you can be realistic in your approach and expectations. About 75% of sellers will end up receiving their asking price, and businesses listed as “all cash” generally do not sell. Seller financing will be highly likely, so the more realistic you can be about the terms of your sale, the better chances you have of selling the business. Another way to increase your odds is a reasonable down payment. Being will to offer financing will make statement to prospective buyers that you believe in the business and its ability to generate revenue.
In summary, keeping an open mind and keeping your emotions out of the process will increase your chances of selling. It’s understandable that you may be ready to sell and move on, but the reality is that you won’t be able to just walk away, there is a process to be respected. Transitioning the business to a new owner is usually an ongoing process, and working with a business broker can help you navigate this process with ease and increase the chances of selling.
For a free consultation on selling a business or hiring a business broker in Chicago or across the State of Illinois, please schedule a virtual meeting http://calendly.com/abameeting or contact us to find out how we can help you achieve the highest value and close on the sale of your business or company.
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