In my career as a business broker I noticed that if there is only one virtue that would dramatically increase the chances of selling a business at the highest possible price and within the shortest period of time, it would be honesty.
Honesty with business brokers: serious business sellers use the services of competent business brokers to sell their companies. Business brokers will use the information provided by the seller to present the business at its best lights to the right buyers who are most likely to present serious offers. What happens when sellers misrepresent or exaggerate their companies advantages to Continue reading
In our business brokerage practice we frequently receive calls from business owners almost desperate to sell their businesses. Owners start by explaining their business and the huge potential it has for the near future. Then, when I ask about their bottom line, their become very uncomfortable talking about it. These are generally businesses started in the two previous years with unproven business models. The owners made important investments in equipment, leasehold improvements and employee salaries but could not recover their investments for multiples reasons. Naturally the option to sell the business appears very attractive since it Continue reading
Most business sellers don’t know where to start when they want to explore the idea of selling their business. In most cases this is a one time event that business owners are not prepared for. A variety of books have been written about the subject and can provide valuable information about the business sale process. Business owners are however very busy running their businesses. Purchasing and reading a specialized book is rarely the natural option.
As a first approach, we suggest that a business owner contemplates these questions:
- Why would you sell your business?
- Are there other options available?
- What is your plan after