Ensuring You Sell Your Business for the Best Price

 

Making the decision to sell your business is a big one and should be made with a well informed and thought out process so as to achieve a smooth sale at the best price possible.

There are two ways to sell your business. You can either sell directly to the buyer or go through a business broker. 

 

Selling to a Buyer

When selling your business, it is important to consider all your possible options to see which offers you the best deal. One viable option that people often overlook is selling your business online via the internet. There are many business for sale marketplaces online that provide you with a large buyer pool that is both international and diverse. It allows you to connect with the buyer instantaneously and most of these websites provide tools to help you better estimate the value of your business based on other similar businesses.  

However, not all potential buyers follow through with the purchase and it is important to sieve out the serious ones from the rest to avoid wasting time. 

Another possible option could be your own staff. Check with your existing staff to see if they are keen to buy over your business. Your staff would be familiar with the business model and how it is run, and are perhaps interested in buying it.  

 

Selling to a Business Broker

If you prefer to save yourself the hassle of going through the selling process, you can engage a business broker to help you. On top of providing you with a listing, brokers will conduct a valuation of the company along with its intangible assets. Some of the valuation methods include asset valuation, entry cost, cashflows and industry valuation. Intangible assets include intellectual property, brand recognition and goodwill.

To ensure that the progress is proceeding smoothly, request for sales reports from your broker. The report will have the names of potential buyers, the progress of negotiations and the probability that the buyer will purchase it. This will keep you up to date with the progress the broker is having with the sale and will help to keep you informed.

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