Let’s face it, it’s been a tough year for many business owners. The struggle to keep your doors open has been more real now than ever before. You may be thinking to yourself, “Maybe it’s time to sell…” but just don’t know where to start. Here are three simple things you can do to get the ball rolling on selling your business and obtaining the freedom you have been working so hard for:
1. Find the Right Broker
Be sure to hire a business broker that is familiar with your industry and area. Brokers that specialize in your niche will know the details of your business, allowing them to give you a competitive and accurate valuation. Also look for someone with enough experience in the field to have seen several different variations in the market over the years. The right broker will be able to tell you how much your business is worth and when the optimal time to sell it would be.
2. Get a Good and Accurate Valuation
Some brokers will give you an unrealistic valuation that is much too high in order to get your business. This will ultimately hurt you in the long run as you may miss out on great offers. A good broker will base your valuation on industry standard criteria combined with current market conditions. The right valuation could mean the difference between selling your business today or in 10 years.
3. Be Patient
The right broker and valuation will have you well positioned for a sale, but this doesn’t always happen right away. Be patient! Waiting for the right buyer is half the battle. Patience will prove to be your best tool as it can take some time to find the perfect fit. But finding the right buyer from the start can save you years of time down the road.
If you follow these steps you will be on the right path to freedom and success. I am here for you to answer any questions you may have along the way!
Steve “The Valley Business Broker” Barnett
Steve Barnett has broad-based experience in small to middle market advisory activities. Prior to becoming a Business Broker, he served as CFO, Controller and VP Finance of both Manufacturing and Professional Service Companies with expertise in the Aerospace, Consumer Products, Banking and Staffing Industries. Known as “The Valley Business Broker”, Steve serves Los Angeles and Ventura Counties. Visit Steve’s website at www.TheValleyBusinessBroker.com.