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.
Become the Master of Your Financial Records
You cannot expect to sell your business for top value if your financial records sit in disarray. The first step is to organize and perfect your tax returns, balance sheets, and profit and loss statements, but that’s not enough! You also need to track everything you do in terms of sales and marketing. Are your advertisements bringing a strong ROI? How many leads result in a single customer? What does each lead cost?
By answering these questions and refining the smallest details of your financial statements, you will be able to provide a comprehensive vision to interested buyers.
Hire a Business Broker Who Works With You As a Partner
Not all business brokers offer the same experience and dedication. You will only be able to command a high list price for your business if your broker is well-connected, strategic, and savvy. Selling your business is especially difficult if you don’t want to announce it publically, but your business broker should have an extensive list of qualified buyers to contact.
You also need to find a broker with a high closing ratio, a history in your industry and local area, a wealth of positive testimonials, and the confidence to make your sale. Call (813) 750-0275 today to speak with a broker at Tampa Business Broker and discuss your unique needs. The team at Tampa Business Broker is committed to advising, appraising, and advancing your buying and selling objectives.