How to Get the Money Fast for the Sale of Your Business

It is never anybody’s goal to sell a business for less than it’s worth, but that is often the reality for business owners who plan poorly or work with an ineffective business broker.

If you are beginning the process of selling your business, it is essential you use the following tips to ensure you get the most money for your sale. A high priced sale can fund your retirement, get you out of debt, pad your savings account, and help you begin the next great adventure in your life.

Sell When You’re Doing Well

Don’t wait until your sales have declined or your business is on the brink of bankruptcy to sell. While it’s possible to do so, you will get the most money for the sale of your business by listing when you have substantial proof that the buyer will inherit a thriving operation. Rather than defending business blemishes, you will be able to command a higher listing price thanks to the many assets and strengths your business offers.

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Why 90% of Businesses Never Sell

Selling a business isn’t easy. In fact, according to the International Business Brokers Association (IBBA), up to 90% of businesses never sell at all.

If you are thinking of selling your own company, you don’t want to become one of the 90%. This is why it’s so important to understand the reasons other businesses have failed and find a business broker who knows how to help you close a profitable sale.

Poor Financial Reporting

Messy, outdated, or imprecise financial records can tank an otherwise promising business sale. No buyer wants to see financial information that has clearly been mismanaged or neglected. The state of your financial records reflects upon the entire state of your business, and you will struggle to find a committed buyer without clean and refined financial reports. (more…)

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Solo Entrepreneur: You Can Still Sell Your Business

As a solo entrepreneur, you know that running a company doesn’t have to involve dozens of employees or multiple locations. You might run your business from your laptop at your kitchen table or a small office in the middle of the city, but it’s still your own company!

Many solo entrepreneurs make the mistake of thinking it’s impossible to sell their businesses, but the truth is that you can sell your business with the right help and preparation. Use these tips to earn every dollar you deserve for your business.

Plan Ahead

In most cases, selling a business is not quick. You should expect your sale process to last anywhere from one to four years, depending on your situation. It’s vital that you plan ahead for the sale of your business in order to attract the best buyers and defend a high asking price. (more…)

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How to Choose a Broker to List Your Business

The condition and potential of your company aren’t the only factors that matter when you initiate the process of selling your business. You also need an effective, committed, and strategic business broker to help you make a sale.

The wrong broker will let your business sit on the market for months or years without results. Use the following tips to find the best broker to handle your sale and help you move on with your life.

Choose a Broker With Specialized Experience

Selling a business requires nuance and experience. Even a talented and proven broker could have trouble achieving success in a new industry. In order to increase the speed and price of your sale, select a business broker with a history of experience in your specific industry or niche. This ensures your broker is well-versed in what is needed to sell your restaurant, construction company, or medical practice. (more…)

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