Learn How To Sell Your Business Without The Hassle With A Nj Business Broker}
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Submitted by: Rhegie Taylor
The job of a real estate broker is to buy or sell assets for other people. When you hire a broker, they are your agent or dealer. The agent negotiates and arranges, makes deals and sets plans in motion.
You got as far as planning, setting up and running your own business, this is your primary focus, not as a real estate agent, a whole different ballgame. You are setting yourself up for failure to get the best price possible for your business by not being educated in the subtle applications of selling a business.
Your agent takes away from you all of the frustrations that come with the course of selling a company. Yes, there are challenges to the sale of a company, but you have your broker on your side and these issues disappear because of the power and knowledge your broker has, giving you peace of mind that you remain on the right track.
Get Your House in Order
Before you even begin to list your business for sale, your broker wants all documentation for potential buyers. Have all documentation ready to present to prospective buyers is not something you can do overnight. When you decide to sell your business the decision is not a spur of the moment decision, but a decision that you have put much thought into for a few years. Your broker wants to know,
All financial documentation
Your profitability
Employee and staffing concerns
Know what your business sells for on the market
Leasing particulars
Your Possessions, Worth More to You, Not Others
Your broker discourages you from placing a value on your company according to what you feel it is worth. The potential buyer does not see the same money value. Your broker knows what companies like yours are worth on today’s market in the real world.
Are Your Buyers Qualified to Buy Your Company?
Brokers pre-qualify the buyers to make sure potential, future owners are prepared to buy your company. This process weeds out buyers who are not serious. Pre-qualification of potential buyers by your broker keeps all of your business information private, thus your private company information enters only into the hands of serious buyers.
Be a Serious Seller
Be truthful and honest with your agent. Your broker must research your books making sure that the picture you give to buyers is the same story your books tell. Never over-estimate your company profits and expenses. Never make the picture of how your company is doing sound better then what your books show. Serious buyers have a right to look at your books.
Be a Flexible Seller
In today’s economy, you must offer appealing benefits to serious buyers such as but not limited to,
Never demand cash paid in full, this is rare
Provide seller financing options
Offer flexibility in payment options
Offer third party financing
You need to discuss with your broker and buyers the transition of your company before signing on the dotted line. Your broker works out all of the details of how you and the buyers want this transition to go.
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