Now that you are considering selling your business, a well-planned approach to the process is required to ensure you are selling at the right time and will achieve the best price for your business.
When is the best time to sell a business?
You need to assess the marketability of your business. We can assist with this based on our knowledge and experience in the market. If necessary, we will suggest to you a more suitable time or changes that you could make in the business prior to placing it on the market in order to maximise its value.
We will advise what you need to do to prepare the business for sale. A buyer will require information about your business and the presentation and accuracy of that information should be made in a way that gives prospective purchasers an accurate summary of the business and it excites them to buy it.
Should I use a business broker?
As part of your decision-making process you may consider using a business broker. In considering if you should use a business broker and choosing the right one for you think about the following:
- Does the company specialise only in businesses for sale or is it an add-on to a real estate operation?
- Does the company have brokers who specialise in your industry and the size of your business?
- What is the brokers track record in business sales? Look at recent sales the broker has made.
- Are they professional and ethical?
There are many advantages in using a business broker. While you are busy with the day to day management of your business a business broker will handle all the calls, qualify all prospective purchasers and ensure that they are genuine and have the financial ability to purchase.
Additionally, if you try to sell the business yourself it can be much more difficult for you to keep the sale confidential from your staff, customers and suppliers when there are prospective buyers personally contacting you.
Using Martin Plom at LINK as your business broker.
I specialises in businesses with a value over $1 million. I have a Bachelor’s in Business Studies, am a Chartered Accountant and a person of high personal ethics and values. I am married (30 years) and we have 2 grown up daughters.
I have a database of qualified buyers waiting for certain businesses, and often I have sold business without going to the open market. I am currently marketing a great business for $6.5 million to a select group of 12 buyers on my database. I already have a draft Sales & Purchase agreement in front of one of the buyers.