If you’re considering selling your business, we know the process can seem daunting. From valuation to finding the right buyer, there are a lot of steps to cover. In this blog, we’ll answer some of the most important and frequently asked questions about selling a business.
1. Why should I sell my business?
There are a number of reasons why you might want to sell your small business. Retirement is one of the most common reasons owners decide to sell. You’ve successfully built your business and now it’s time to enjoy the fruits of your labor. Others may feel burnout and no longer feel passionate about their business. Perhaps you’re ready to take some time off and enjoy time with your family or pursue other ventures. Whatever your reason for selling, we can make the process as seamless as possible.
2. How to find a buyer for your business?
It’s important to find the right buyer who will carry your legacy. We vet potential buyers and look for specific characteristics, such as industry knowledge, previous experience, and reputation. Read more about how we find the right buyer for your business here.
3. How much is my business worth?
There are many factors that go into the valuation of a business, including: growth potential, cash flow, sustainable profit, asset value, financial history, location, competition, customer base, industry trends, ongoing management, desirability, and the economy. We take all of these into consideration as we prepare a realistic and accurate valuation for your business.
4. When is the best time to sell my business?
When you’re ready to sell. If you sell your business when it is doing well, it helps in securing a buyer faster and getting the value you deserve. However, even if your business isn’t performing at its peak, reach out to us. We can help you prepare for a future sale.
5. Why should I work with a business broker?
Working with a business broker saves you time and money, and removes the stress of dealing with the sales process. Using our industry expertise and our network of relationships, we ensure that you get the best valuation and that your business lands into the right hands. We handle the negotiations while you focus on preparing for the exciting next chapter of your life.
6. What does a business broker charge?
Schedule a consultation with us so we can assess your situation and tailor a solution to your specific needs.
7. How long does the sales process take?
The length of time from the moment we start the assessment process to closing can vary from business to business and situation to situation. If your business has a history of quality accounting practices, the process can take as little as a few months. If GBB needs to work with you to clean up your financials in order to maximize the sale price, it can take up to a year. However, we can guarantee that working with us will expedite the process versus attempting to sell on your own.
8. How can I increase the value of my business?
There are many factors that determine the value of a business, so increasing it comes down to what is going right or wrong within the company. You can determine the price of your business, as long as you have a product worthy of that price. We make sure that the business is prepared and put in the work to get your business to a level where you can sell for the highest value. We provide an accurate and honest valuation, not a false number.
9. What information will I have to provide?
Some of the documents and information sellers need to provide include financial statements, cash flow statements, accounts payable and receivable reports, along with your business plan and company literature. We go over the requirements in more detail during our consultation, and always keep information safe and confidential.
10. I’m ready to sell my business. How do I get started?
You’ve come to the right place. The first step in selling your business is scheduling a consultation with us. Fill out the contact form and we’ll be in touch. From there, we’ll discuss your goals and create a sales plan. Using our years of expertise and network connections, we’ll get you to the finish line. Schedule a consultation.
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