Its Time... I want to sell my Business!
So you've made a decision and told yourself "i want to sell my business" but for how much and how can i go about it quickly?
How much is it worth?
The first point of contact for this, is your financials. Most small business owners will meet with their accountant to discuss the sale and have them analyse what they think the business is worth. Unlike a property or house for sale, businesses have many aspects and the accountants will give you a valuation based on the P/L of the business, potential earnings and the current assets which will provide you with a financial valuation of your business. Next, you should meet with a local business broker and have them look over your financials to give you a price of what they think the business would sell for. You will normally get two differing valuations of the business. The next is to decide what you think the business is worth, and at what price you will accept. You need to establish a price that you will put the business on the market for and also what is your bottom dollar, for when negotiations begin. If you want to sell quickly, you need to make sure it is at the right price when you put in on the market!
What is the quickest way to sell?!
Exposure, Exposure, Exposure! If you want to sell anything, firstly you need to make sure the price is right, then you need to put it on the market and run with it quickly!! You need to consider the advertising options: online, print, radio, social media etc. Advice: Have everything ready, decide on a date you want the business for sale to go live and have all your advertising in place to run with it on that date! You want to have the "get it whilst it hot" approach so buyers feel the business is a limited offer and they will need to enquire and make a decision.
How long will it take to sell my business?!
Business is not like property, there isnt an RP data with ALL the information on business sales, as quiet a few occur without an agent. With property, agents can tell you "the avergae time of a house sale is around 90 days at the moment". But business is quiet different, no two businesses are the same and there are always different inclusions, assets, P/L to consider. You could speak with a local business broker and they can give you an idea of the types of businesses that are "moving" e.g. exchanging hands, you can also speak with Bsale and we can tell you the type of business listings that have been removed due to the business sale. But obtaining actual figures on the 'average time to sell a business' is hard, but be prepared for a few months - year to find the right buyer.
Hope this information helps, and you are able to find a buyer and sell your business quickly.
If you have recently sold a business, what was your experience? How long did it take you to sell the business?