Are you thinking of Selling your Business?
How to sell your Business quickly and easily
If you want to get the best possible price for your business, there’s no doubt that you must be completely honest.
Not only honest with the buyer. Or your business broker. But you have to be honest with yourself.
Two important things that you must consider when selling your Business:
- What is your Business worth?
Before placing a business on the market, you need to be brutally honest with yourself and acknowledge what the business is really worth in the market today. A business is not necessarily worth what you think it’s worth. Or what you may need to pay out all debts. It’s worth what the market will pay.
By being honest and realistic with yourself, you’ll save a lot of time and disappointment. Providing misleading, not disclosing, information, or keeping something secret doesn’t work. In fact, such tactics make the situation worse.
- Provide the Buyer with all the Details
It’s tempting to keep some things secret from buyers. But that’s futile. They’ll probably find out all your secrets anyway. It’s a standard part of any business transaction these days that the buyer will conduct some kind of Due Diligence to verify not only the financials, but all other aspects of the business as well. In this process, the buyer will be able to really get to know all the details and workings of your business.
So it’s pointless to “cover-up”. All it does is postpone the inevitable. There are no “wood ducks” out there anymore. You will not “get lucky” and find some sucker who’ll want your business. It just does not happen.
Plan ahead and sell your Business quickly and easily.
What does work is following the simple steps outlined in the series of tips in these blogs. There are no shortcuts – but planning ahead will make selling the business much easier. And much quicker. Being honest with yourself about the worth of the business and being honest and open with potential buyers, is the only way you can achieve an outcome that will be wholly satisfactory. For both you and the buyer.
Need more information?
If you need more information, feel free to contact our specialists and award-winning team of Business Brokers, who will assist you.
Our team of specialists have many years of experience in business sales, management, ownership and consultancy. Whether you’re a business owner, investor, or buyer, Benchmark’s business brokers will assist you, showing you ways to save time, money and effort – and how to reduce heartache and complication. If you have a business for sale, Benchmark will take care of you.
Written by Bruce Coudrey
Principal Benchmark Business Sales and Valuations
Bruce Coudrey has been Principal of Benchmark Business Sales & Valuations, since 1999. Benchmark is one of Australia’s largest national business brokerages. Bruce is a Registered Business Valuer and has acted as a court-appointed expert witness.
