Thinking of selling your small business? Are you one of those fearless entrepreneurs who think they can market, negotiate and close a deal by themselves or are you going to take the more logical route of working with a business broker? If sanity prevails and you are going to work with a pro, here are a few things to look for to find the best business broker.
There are only a handful of people that actually know anything about How to sell a business opportunity online and it’s not likely you got that lucky. Unless you want to waste more time and money, listen up.
We are Business brokers in Phoenix. However, additionally my wife / partner wants to buys a light manufacturing business and was intrigued when we saw a Hoist Company in South AZ. So we went through the exercise of contacting the listing broker. My wife wanted to be represented by me, make offers on our forms, use our due diligence process, and have the benefits of being represented by her own broker in the purchase process. Yes, we also wanted to take advantage the commission split which would reduce our investment. Truth be known we may have settled for a referral fee, but the listing broker said “I will not co-broke on a deal this size.” Which was $85K. So we looked elsewhere and that seller lost a possible buyer for his business because the broker wanted ‘both sides’. Who wins in this scenario?
Inventory. If you own the building but your business has gone down dramatically, rent your building to another entity completely. Sell your inventory to other similar businesses. Post the sell of your inventory in your local paper, trade magazines, and on-line sources.
Find out about the things you should be doing next and implement them. Find solutions to the problems you face. Seek help from Business brokers courses if you want to learn more on how to move forward with your business. Always be on the move.
Seth Godin, the leading international marketing guru, in his classic ‘All Marketers Are Liars’ suggests that the old power curve inside companies has changed. Earlier, the ‘manufacturing’ element of a business was the most powerful. The factory foremen and the quality control guys were the heroes.
It’s a complex task but one that can give you a great reward for all your hard work over the years if done right. Follow these steps, have a plan, and don’t rush into the sale.