If you’re considering selling your business here in sunny Florida, you may be confused on exactly how to begin.
Well, don’t worry! Selling your business can be a straightforward process when you use an experienced professional like Tampa Business Broker Inc. We’ll help you every step of the way, from laying down the groundwork to completing the final transfer of ownership. We even offer post-sale support for our clients to help the business continue to thrive with its new owners!
When helping you sell your Florida-based business, we follow these general steps:
1. Choose a business broker
We always recommend choosing a reputable, local business broker to represent you as the seller. With a skilled business broker in your corner, you’ll rest assured knowing that all of the bases are covered and no important details will fall through the cracks.
2. Complete a comprehensive business analysis
With the assistance of your broker, complete a comprehensive business analysis that covers every aspect of your business, including:
- Financials
- Inventory
- Branding
- Facility walk-through
- Vendor network
The exact items covered in the comprehensive business analysis will depend on the type of business you are selling, so trust your broker to guide you towards checking the correct things.
3. Develop a marketing plan
Using your knowledge of your business’s customer base along with your broker’s marketing network, develop a multifaceted marketing plan to cover all aspects of advertising your business’ availability to the right market.
Modern marketing plans are about more than newspaper ads and in-person showings. Be sure that your broker includes an online presence in the marketing plan for maximum effect.
4. Plan your exit strategy
It’s hard to step away from a business you built from the ground up, so developing an exit strategy and sticking to it is key for success. Write down exactly when and how you plan to step away from the business’ operations and share this with your broker and potential buyers. Most business sales come with a period of consultation from the previous owner, so plan to be available to answer questions during that time.
5. Meet with potential buyers
Once your business is thoroughly evaluated and listed, your broker can begin accepting buyer applications. Have the broker vet each applicant based on your pre-determined criteria and in compliance with all applicable laws. Once your broker has identified suitable potential buyers with verifiable funding, you will sit down and meet with each prospect.
6. Accept an offer
After meeting with potential buyers, you may receive a non-binding Asset Purchase Agreement. You will need to decide if you would like to accept the buyer’s offer, send a counteroffer, or reject the offer completely. If multiple buyer’s offers are submitted, this decision can be difficult, so ask your business broker for advice on how to choose the best offer.
Once you have accepted an offer, the buyer’s due diligence period begins. During this period, the buyer will research and have inspections done on the business to ensure that they are not missing any important details.
7. Closing
Once the buyer’s due diligence period is finished and any issues are resolved, a closing date will be set. On this date, both the seller and buyer, along with their agents, will come together to iron out the final deal details and sign on the dotted line. There is a ton of paperwork required during the closing, which is why having an experienced seller’s business broker on hand is essential.
Sell Your Small Business in Tampa Bay
When you’re ready to sell your small business, trust the experts at Tampa Business Broker Inc. to guide you through the process with minimal stress and maximum profit. Call us at (813) 981-7814 or contact us online to get your business on the market today!