Selling a small business is a minefield for owners selling their business. There is a crowded marketplace of sellers and not so many buyers. It is a buyer’s market. There are dozens of business brokers who are hoping to gain listings, some good and some not so good. Some will list a business at any price, others do not want to waste their time or yours on marketing an overpriced business.
Of course, you could try to sell your own business but small business selling by the owner is usually unsuccessful and perhaps a proprietor is best using their time on producing profits rather than taking their eye off the ball.
To improve your chance of successfully selling your business, make sure you do the following:
- get the price right before you go to market
- prepare the business for sale with a comprehensive information memorandum
- be prepared to invest funds in a successful sales campaign.
This means having a business valuation report done so that your business is being marketed at the right price point, and then giving your chosen broker a marketing budget. There is no point in having a good business for sale if the market is unaware it is available for acquisition.