Advice on Selling a Business
There may come a time when the lure of living off with what you have earned throughout the years as an entrepreneur is more enticing than running your business and you decide now to sell it.
When this time comes, the importance of research and help from other people is as important as when you started your business. Read on and learn how you can close an intelligent sell of your business.
In the life span of your entrepreneurial career there will come a time when you will call it a day or decide to sell your business. The prospect of living off with what you have earned through the years of building your business is more enticing than to continue doing the daily grind of making profits. In a situational cliche this means you are more inclined to spend your days in a tropical country, in a beach probably and sipping your fruit juice while watching the sun set on the horizon. The main question though that you have to answer is how to sell your business intelligently.
There are many proven ways on how to sell your business at par with your business acumen in building your venture. Like what you did when you first started your business, the use of research and help from those who are savvy with the task are of great help.
Make it as Quiet as Possible
When you have decided to sell your business make it as quiet as possible. This does not mean not putting your intention to sell your business in the market but rather not making a public disclosure that can affect the daily operation of your business. Remember that you have employees under you and you don’t want to put them in distress of what will happen to them after you have sold your business.
Moreover, selling your business does not mean someone or a corporation will handily give you the price for your business and that is it. More often than not there are long talks, negotiations and paper works that have to transpire before you can close a deal. There is also the possibility that you may not able to close a deal for some reason or another like when there is no buyer that comes to you.
Hire a Business Broker
Following of going silently for the selling of your business, you can do it by hiring a business broker. The advantage of this is that you can concentrate on your business while is it not yet sold as the business broker does his job for you. It is also possible with the connection of the broker that a higher price can be set for your business like if a corporation gets interested with your business compared with an individual buyer. As of common practice business broker ask for 10% commission when the deal is closed.
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