| This article aims solely concentrate on the | | | | idea who and when a serious buyer may walk |
| reasons and benefits of selling a business | | | | through your door. It will take time and a test |
| independently and the areas to consider before | | | | your patience. Be prepared. |
| taking this decision. Before moving into the areas | | | | 2. Preparation |
| to consider and the decision making process, let's | | | | It staggers me how often business owners are ill |
| assume that you have already established your | | | | prepared for the sale of their business. The |
| asking price and your business is in a fit state to | | | | accounts aren't in order, they haven't prepared |
| put on the market. | | | | any form of summarised data for potential |
| If you are not at this stage, stop and review | | | | buyers and the business isn't being ran effectively. |
| your position because I touch on business | | | | Are you nuts? Get your house in order and do |
| valuations and how to achieve a solid price in | | | | the prep. If you are serious about selling a |
| other articles. If you do not know the value of | | | | business yourself, you need to display professional |
| your business and you haven't reached a point | | | | qualities that any buyer will expect. Anything less |
| where you know what figure to achieve, you are | | | | will result in no offers and it's a complete waste |
| clearly a few steps ahead of yourself. It is | | | | of your time as well as theirs. |
| advised that you refer to some of my other | | | | So as the saying goes, fail to prepare then |
| articles and decide how you want to best achieve | | | | prepare to fail. Laziness will do you no favours so |
| a solid asking price. You're welcome to come back | | | | before you jump in head first and try to sell your |
| to this later on. | | | | business, do yourself a huge favour by getting |
| As a business owner and a ready seller, it's clear | | | | everything in order first off. Otherwise, prepare |
| that you want to take charge of your selling | | | | for a long wait to get that sale... |
| process and why not? Using an agent is not for | | | | 3. Costs |
| everyone. As a business person, you may prefer | | | | If you are looking to go it alone, one main |
| not to put all of your eggs in one basket or you | | | | attraction must be the cost saving of not using a |
| simply want to oversee the entire selling process. | | | | broker. However, have you considered the |
| There's nothing wrong with this and it is your right | | | | benefits of using one? Sometimes the appeal of |
| to act on your on behalf. If you have the | | | | saving a few bucks may cloud your vision so |
| confidence and experience to handle this process, | | | | understand that their are numerous benefits to |
| it could save you a fair amount of agents fees | | | | having a good broker by your side. |
| and will give you complete control over who you | | | | Yes, most brokers will charge a percentage of |
| meet, who you reject and how the sale proceeds. | | | | your final sale price and in some cases, will also |
| However, before you jump onto the internet and | | | | charge a basic marketing fee. However, if your |
| start placing your adverts to get your business | | | | business is one that will attract a great deal of |
| onto the marketplace, consider a few points that | | | | interest from their database of registered buyers, |
| are part and parcel of selling a business | | | | you could end up with a quicker sale. Increasing |
| independently: | | | | your asking price by an equivalent percentage to |
| 1. Time | | | | their fees could help to cover these expenses and |
| When selling a business yourself, it can be | | | | get you a quicker, smoother sale and not actually |
| extremely time consuming. Placing the adverts is | | | | cost you any more. |
| one thing, but responding to enquiries, discussing | | | | You could always meet with a broker to discuss |
| the ins and outs of your business with preliminary | | | | the selling potential of your business and by no |
| enquiries, preparing your business for due diligence | | | | means will you be tied to any commitments by |
| and arranging the countless meetings with serious | | | | doing this. One simple meeting will help you decide |
| buyers and times wasters (and you will get | | | | which way you want to go. |
| plenty) can really eat up your free time as well as | | | | 4. Confidentiality |
| time that you should and could be spending on | | | | Remember, if you do decide to sell your business |
| running your business. | | | | yourself, ensure you fully protect your interests |
| If you are fortunate enough to be in a business | | | | at all times! No matter how little the details are |
| that has a sizeable team to delegate | | | | that you decide to disclose to any interested |
| responsibilities, then this may not be a problem. | | | | parties, have them sign a "non-disclosure |
| However, if you are a small business or a sole | | | | agreement", also known as a "confidentiality |
| trader, this could not only place demands on you | | | | agreement". If you don't, it could seriously |
| that you are unable to cope with; it could have an | | | | compromise your position. |
| adverse effect on your business and its | | | | Hopefully these point will give you plenty the think |
| day-to-day operations. Something that you simply | | | | about. Selling a business yourself can be very |
| cannot allow if you want to sell it. A business on | | | | rewarding and for some, it is the preferred route. |
| its knees won't sell! | | | | But be under no illusions. It does demand more of |
| So ask yourself, do you have the time, resources | | | | your time and if you want a quick sale, you |
| and patience to deal with the influx of enquiries | | | | should spend the required time to do the |
| that you will get and be able to dedicate the time | | | | preparatory work first. This will save you a lot of |
| and energy to each that they require? You have | | | | headaches, stress and time wasted going over |
| to treat each and every enquiry with the same | | | | the same ground with potential buyers. |
| respect, seriousness and fairness as you have no | | | | Good luck with your sale. |