Seven Steps to Selling Your Business
Interested in selling your business? Follow these steps for a seamless process.
When a small business goes up for sale, it’s not just buyers who are investigating. Smart sellers will come to the table with a clear understanding of their business’ competitive position in the market, a realistic asking price, and knowledge of a potential buyer’s suitability well before they sit down to negotiate.
Selling requires planning, very careful planning. Everything from cleaning up sloppy books and tax records to dressing up a tired store and updating old operating systems. Sometimes selling even calls for ramping up marketing to juice sales and command a higher asking price.
If selling your small business is something you’re considering, let these steps and Transworld help you to sell smart in a crazy market.
1. Determine the Value
A third-party valuation can provide a realistic estimate of what your business is worth. Transworld business brokers will work to analyze your operation, finances, market potential, and trends. We will then take that information to generate a business profile that represents your company in the most attractive way possible.
2. Structure the Sale
As your business advisors we will help you to identify the best possible price range to sell your company. This will be based on solid facts, the condition of the market, projected growth, sales potential, and the sale of similar businesses in your industry. We will utilize the latest technology to present your company to other business brokers and strategic buyers all over the world. This greatly multiplies the effort in your favor.
3. Advertise to Buyers
We use aggressive marketing to ensure your confidentiality and provide maximum exposure for your company. Your listing is placed in various industry databases, internet sites, and publications which are constantly being updated. We also organize all necessary documentation and release information only as needed. We use limited information when advertising to maintain confidentiality. Buyers are pre-qualified and required to execute a confidentiality agreement before receiving any sensitive information concerning the sale.
4. Creating the Competition
We will work to attract thousands of buyers, creating a competitive edge for your business. Buyers are qualified for financial ability to meet the offer. We then reduce that number to only the most qualified buyers. Once you meet the best of the best, we urge the buyers to prepare and present their offers. Often, a negotiation is doomed to fail if there is lack of proper qualifying. Appropriate negotiation is crucial to achieving your best price and terms. We have the expertise to establish sound and resourceful negotiating techniques on your behalf.
5. Providing Exceptional Support
Only half of the job is finding the right buyer who will pay your price and meet your terms. The other half is getting that buyer to the closing table. We quarterback the deal, work with the accountants, lawyers, banks, landlords, and other third parties that could jeopardize the success of the transaction. Transworld realizes that you depend on us to guide you through the sale of your business. We make the transition simple and easy for you. We know when an opportunity for you may arise and are always there to take advantage of it. We also know when someone is trying to kill your deal or is being unreasonable and how to handle those situations.
6. From Beginning to Close and Beyond
We help manage all administrative procedures, licenses, inventory counts and lease assignments that may be required. Transworld works closely with your advisors to ensure a smooth transition. Because we are in the business community, you may want to consult us at any time after the sale. We will provide you with any assistance you may require after the closing. Transworld will always remain in your corner!
