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What you should know to sell your business.
1.
HAVING PROVABLE BOOKS AND RECORDS INCREASES THE NUMBER OF
POTENTIAL BUYERS
Buyers want proof of the sales and profits that the business has
made in the past.
2.
EXPECT A REASONABLE PRICE AND TERMS
Usually, buyers won't even look at a business that is not priced
competitively.
3.
LIST FURNITURE, FIXTURES, AND EQUIPMENT
Buyers will want a complete list of equipment and will inspect
it to ensure that everything is in good working order.
4.
OBTAIN A PROFESSIONAL THIRD PARTY EVALUATION
Businesses that use a third party evaluation have an 80% chance
of selling at a much higher price. Those who do not use a
professional business broker and a third party evaluation only
have a 17% chance of selling.
5.
OFFER ATTRACTIVE LEASE
Any buyer will want a good lease, whether the existing lease is
assigned or a new lease is written.
6.
GREAT APPEARANCE
Nice looking businesses sell first! Buyers deduct large amounts
from their offering price for businesses that are in less than
top shape. Keep your premises neat, clean and in good repair.
7.
PRICE IT RIGHT
Underpricing will lose you money; overpricing will lose you the
sale. Our professionals are knowledgeable in today's
fast-changing marketplace.
8.
SIGN A COVENANT NOT TO COMPETE WITH THE BUYER
Buyers are concerned you may go into competition with them and
take back all their customers. A promise not to compete within
an appropriate distance and time period is normal for most
businesses.
9. A
GOOD REASON TO SELL
Buyers are always concerned about this. They are afraid you may
be selling because of some undisclosed fact that may hurt the
business in the future. Buyers must see a logical reason for the
sale or - without it, they think the worst.
10.
NO SURPRISES!
Give your VR associate ALL the facts up front. Most negatives
can be overcome if known by the broker/intermediary from the
beginning.
To learn more about selling your business, complete our
Request Information form and a VR representative will
contact you shortly.
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