You’ve paid your dues, put in the hard work, and built your business from the ground up. You can’t even count the number of hours you’ve put into making sure everything operates just right, every customer is satisfied, and every supplier is paid. You’ve spent years developing relationships, providing a service or product for your community, and nurturing that offering so that it is the best in the industry. But now, it’s time to move on.
Here at Tampa Business Broker Inc, we know how much your business means to you. We’ve helped countless Tampa Bay business owners say their final goodbye to their businesses while knowing that they are going to buyers capable of doing them justice. We can help you sell your business for the right price, to the right person, at the right time. Just follow our top tips for maximizing your business’ sales and you’ll finally be able to enjoy retirement without worry:
Find a Quality Business Broker
Selling your business can be hard, but not because there aren’t buyers out there. It’s just that…when you’ve put in this much effort to make something great, you don’t want to pass it off to just anyone or for just any price. You want to be compensated for laying that foundation and want to be sure that all your hard work continues to mean something.
You need a business broker that understands that your business means more to you than just the sale price (although that is very important too!). At Tampa Business Broker Inc, we’ll treat your business with the respect and consideration it deserves. We vet every potential buyer so only the most qualified make the cut, ensuring that you’re never wasting your time with a potential buyer that can’t see the deal through to the end. We work to find a buyer with a similar vision and goals to your own, so even after you’re gone you can see your business headed in the direction you were taking it. And we always help you get absolute top dollar for your business…because, well…you deserve it!
Properly Value Your Business
A good sale price starts with an accurate valuation. Your business’ valuation goes so far beyond just the cost of your inventory and building. There are procedures and processes that you have put into place over the years to optimize your business’ functioning, improvements you’ve made to the property, and relationships with the local community that you’ve built up. All of these things are valuable and should be considered when valuing your business. At Tampa Business Broker Inc, we are experienced in helping business owners properly value their businesses prior to sale. We can also offer guidance on how to improve your valuation with some small tweaks that buyers love!
Operate With Discretion
You may want to let everyone know that you’re getting out of the business, but we would advise you to keep it to yourself until you have closed the deal. Some quality buyers could be scared off if they hear about you selling your business through the grapevine instead of through official channels. They may take the news as an indication that the business is in financial trouble or some other hot water, even if there’s no evidence of such. This is why it’s always best to operate with discretion and only discuss the sale of the business on a need-to-know basis.
Present Your Business Professionally
When it is time to present your business to potential buyers, you want to do so with professionalism and skill. By only revealing the pertinent basic information and requiring the potential buyer to inquire further, you’re given an opportunity to collect important information about the buyer that will help you develop a potential deal structure that is beneficial to both. This also allows you to accentuate the parts of your business that you know the buyer will be interested in while downplaying the parts that they will find irrelevant.
A professional business broker is the best way to present your business for sale. By using the business broker’s already established network of sellers and buyers, along with their digital assets and hands-on expertise, you’re setting yourself for success with minimal marketing effort on your part.
Collaborate With Your Buyer
We touched on this in the last section, but getting to know your potential buyer is a very important part of securing the best deal for your business. Basic information about the buyer such as their name, occupation, and reason for purchase can give you invaluable insight as to what they are looking for in a business. Once you know what they’re interested in, you can customize your proposal to cater to their exact needs. For example, if a buyer is interested in eCommerce sales above brick-and-mortar, then you’ll want to play up your online sales and distribution network. If a buyer is a perfect fit but can’t come up with the down payment for a conventional business loan, then you may want to offer seller financing to close the deal.
Professional Business Sale Expertise in Tampa Bay
If you’re looking to sell your Tampa-area business, trust no other than the team of professionals at Tampa Business Broker. We provide our clients, both sellers, and buyers, with the absolute best advice to secure a great deal that is sure to bring them success for years to come. Contact us at 813-469-7957 or online to get started today.