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What you should know to sell your business.
1. HAVING PROVABLE BOOKS AND RECORDS INCREASES THE NUMBER OF POTENTIAL BUYERS
Buyers want proof of the sales and profits that the business has made in the past.
2. EXPECT A REASONABLE PRICE AND TERMS
Usually, buyers won't even look at a business that is not priced competitively.
3. LIST FURNITURE, FIXTURES, AND EQUIPMENT
Buyers will want a complete list of equipment and will inspect it to ensure that everything is in good working order.
4. OBTAIN A PROFESSIONAL THIRD PARTY EVALUATION
Businesses that use a third party evaluation have an 80% chance of selling at a much higher price. Those who do not use a professional business broker and a third party evaluation only have a 17% chance of selling.
5. OFFER ATTRACTIVE LEASE
Any buyer will want a good lease, whether the existing lease is assigned or a new lease is written.
6. GREAT APPEARANCE
Nice looking businesses sell first! Buyers deduct large amounts from their offering price for businesses that are in less than top shape. Keep your premises neat, clean and in good repair.
7. PRICE IT RIGHT
Underpricing will lose you money; overpricing will lose you the sale. Our professionals are knowledgeable in today's fast-changing marketplace.
8. SIGN A COVENANT NOT TO COMPETE WITH THE BUYER
Buyers are concerned you may go into competition with them and take back all their customers. A promise not to compete within an appropriate distance and time period is normal for most businesses.
9. A GOOD REASON TO SELL
Buyers are always concerned about this. They are afraid you may be selling because of some undisclosed fact that may hurt the business in the future. Buyers must see a logical reason for the sale or - without it, they think the worst.
10. NO SURPRISES!
Give your VR associate ALL the facts up front. Most negatives can be overcome if known by the broker/intermediary from the beginning.
To learn more about selling your business, complete our Request Information form and a VR representative will contact you shortly.
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