Small business owners decide to sell for a variety of reasons. Many get themselves into situations where they are under-financed, over-committed and stressed; and then can end up losing control of the company. Most business sales occur for one of three main reasons:
- The company is failing and the owners do not want to lose any more money.
- The owner has over-committed and lacks the time to devote to the business.
- The owner becomes ill and the company cannot function in his or her absence.
Whatever the reason to sell your business, owners should read these tips on selling a business quickly. Additionally, they will learn how a business broker can help to make the sale go smoothly and efficiently.
Know WHEN to Step Back from the Company
Rarely do buyers express interest in a company that relies heavily on its current owner. If a person works 70 hours per week and scarcely thinks of anything but the business, it might be time to pull back a little. Buyers want to feel confident they can step in and take over, especially if the company’s reputation depends on its owner. When the current owner decides to sell, they should diminish their role and focus on getting the company ready for the sale.
Know WHEN It’s Time to Get Organized
If an owner wants to sell the business quickly, they need to prepare. Creating training videos will save a tremendous amount of time that would otherwise be spent explaining things to the new owner. Current owners should sell off all old inventories, clear out unused areas, ensure that employee agreements are current, and make sure staff members have taken leave. By making the business look organized and ready to go, the owner can make it a more appealing prospect to potential buyers.
Know WHEN to Seek Professional Services
If a business is running very close to failure and the owner wants to sell as soon as possible, he or she should consider hiring a business broker from Del Lingco International. Professional brokers will always have the best industry contacts necessary to get corresponding businesses sold quickly. While it is possible to sell your business through a private sale, a business broker can provide the exposure and assistance that an owner needs to help sell the company before it goes under.
Are you looking to sell your business? Alleviate the added stress by contacting Del Lingco International first! We’re happy to help.