Whether you built your business from the ground up or purchased it from someone else, it’s easy to become heavily emotionally invested in it. This can color your perceptions of its value, and even lead to hurt feelings when a potential buyer isn’t as interested or willing to pay a premium as you think they should be. This undermines your ability to successfully negotiate a deal.
If you’ve asked yourself, “How can I sell my business in Spokane?” or in anywhere else in the U.S., the answer is to find a business broker who specializes in your niche, and your geographic region. Here’s what a business broker offers you.
Preparing for the Sale
Much of the work of a successful sale occurs well before you sign sale documents. Preparing your business to navigate due diligence, streamlining your operations, and other simple strategies can increase the value of your business, while making it more attractive to a potential buyer. A business broker can help you determine strategies that will make your business more attractive in advance of a sale.
Unbiased Assessments and Feedback
Don’t let emotions color your judgment. A business broker offers objective feedback that establishes realistic expectations. This objective feedback offers actionable insights that can help you choose the right buyer, competently negotiate price, and take steps to optimize the value and operations of your business.
Business brokers know buyers. They know who is in the market, and who might be if the price and business are right. Most business owners don’t know how to find buyers, or they worry that searching for a buyer will scare off employees and lower the value of their business. Don’t rely on word of mouth or cold calling former partners. Work with a broker who can connect you not only to a group of buyers, but to the right buyer for your business.
Protecting Your Business
If people get wind of your plans to sell, there can be far-reaching reverberations. Management and staff may jump ship. Lenders may be scared off. Key employees may attempt to leverage the news into a share of the sales proceeds.
A skilled business broker can widen the search for the right buyer while doggedly protecting your business’s confidentiality. This is something business owners are rarely able to accomplish on their own. It’s also a strategy that saves time and money, while shortening the path to a successful sale.
Negotiating the Transaction
You need to run your business, not waste your time haggling over price or stressing about the impact of the sale on your operations. A business broker helps you seamlessly navigate the transaction, including negotiating key details. This lends a professional sheen to the transaction process, and can make your business more attractive to experienced buyers, who may not want to deal with a harried business owner.
Saving Time and Money
Your time is the most valuable asset you have. It’s the only thing you can’t get back. Consider how much time you might spend negotiating a sale. Now think about how you bill your time. That gives you insight into how much your wasted time is worth. Consider also that when you spend time on the transaction, you take time away from vital operations. This can send your business into disarray, and potentially even lower the value of your business. A broker saves you time, money, and stress by taking care of the day-to-day management of the sale for you. That frees you to run your business—or maybe even take a day or two off.