Selling your small business can be confusing and stressful as you must go through many processes. If you do not know how to go about it, you might make mistakes that will lead to regrets. That is why we have prepared this article to make things easier for you.
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It is essential to make your business appealing before putting it up for sale; this will attract more buyers and give you less stress when you eventually put it up for sale. You must also know the essential steps to make your business attractive before eventually putting it up for sale. Before selling your business, let’s look at ten steps you will need to consider.
The first step before putting up your business for sale is to know the worth of your business; This will help you to avoid attaching an exorbitant or cheap price to it. To do this, you can sum the worth of everything owned by the business and then move on to minus the debts, if any.
When this is done, you will be able to determine the worth of your business. Another way to determine the worth of your business is by checking the amount you earn from the business per annum.
You can also find a business appraiser to evaluate the business and give you a thoroughly scrutinized valuation of the business’s worth. The location of the business place is usually considered, and how competitive it is can also contribute to its worth.
Valuating your business before attaching a price gives it credibility, and buyers would want to scrutinize your financial statement to ensure it’s in order. Buyers will often tell you to provide a financial statement covering the last three years of your business.
The next step is ensuring you sell the business at the right time. Before putting your business up for sale, you must make plans. Take your time to make sure the business is doing well and the cash flow is encouraging. It will add more value to the business and benefit the buyer, when he or she buys it.
Ensure you thoroughly examine all aspects of the business records, including other businesses or individuals you partner with and the operating agreements.
If, as a business owner, you realize your business has not been in its best state for some time, it is advised that you sit up and tackle the problems you are facing for a period of two to three years before putting it up for sale so when you are requested to present the financial statement of the business, you will be proud to do so.
Employing the services of a business broker is an alternative way to reduce the stress of going about the valuation process. Business brokers will not only help you with your valuation but also help you attach the best price and sell your business at a faster rate than you could do on your own.
Brokers, however, do not do this for free. They do it for a price known as their commission. Although some people do not like hiring brokers to save money, having a broker has many advantages. They can help sell your business faster at favorable prices than you could have if left on your own as they work on a commission, and the higher the price, the higher their commission.
Selling your business is a challenging task and can be overwhelming. It is also not something you can do alone; this is why you should work with people. You may need legal advice to ensure you are on the right track. If that is the case, do not hesitate to employ the services of an attorney.
Form a team of people who are knowledgeable and experienced when it comes to selling a business. They will be the ones to guide you and also see to it that you do not make mistakes.
The next step is to make your choice of buyer. Many buyers may be interested in purchasing your business; you will have to choose two or three of the best. Talk with them and try getting to know them. Make sure they can pay for the business you are about to sell before you give out more information.
Let them negotiate, but that doesn’t mean you should collect peanuts from them. Ensure the price you are giving it out for is worth it, and also consider the future worth of the business. Make them sign an agreement that they will protect your information. You must also put all agreements into writing and have them sign.
The next step after finding a buyer is to get your legal documents ready to get through with the transaction. You will need to do this with your attorney, or else you might need to correct things. Bring together a list of the equipment you will sell with the business and your financial statement. Create a document showing how the business works, and fix any of the equipment that’s faulty or not in a good condition.
Generally, make sure the business is in a good condition before giving it out. After you have sold the business, the buyer may require that you sign documents such as a bill of sale and a non-compete agreement stating that you won’t start a new similar business and take away customers. All these documents are essential if you want to have a smooth sale.
Social media is no doubt one of the best ways to get potential buyers within a short time. With many users on different social media platforms, many people will be able to see your business when advertised. You can use different social media platforms like Facebook, Instagram, LinkedIn and Twitter.
These platforms have been confirmed to help business owners reach out to potential buyers who know their business’s worth and are willing to pay. Social media is of utmost importance to business owners, regardless of the kind of products and services they render. Business owners who intend to sell their businesses are included.
However, there are many scammers and fraudsters on different social media platforms, which is why you should be very careful while advertising your products, services or business on social media platforms.
The second place on our list where you can advertise your small business for sale is BizBuySell. BizBuySell is one of the most prominent business-for-sale marketplaces on the internet. It allows users to list their businesses for sale.
BizBuySell boasts over 1 million visitors per month and is said to have over a hundred thousand business sales so far. BizBuySell gives interested people options to buy a business or choose a franchise. It also offers listings, asset sales, franchises for sale, and business real estate. BizBuySell has features that enable you to search for brokers near you who you can employ their services for the sale of your business.
You can equally search for businesses by category, state and country. These features also allow you to fix a minimum and maximum price for your business and search franchises by type, state, and the particular sum you are investing. If you are looking for an excellent site to advertise your business for sale, BizBuySell is a good choice.
GlobalBX is another good site where you can advertise your business for sale. It allows people who intend to sell their businesses to do so. Through GlobalBX, you can list your business for sale as well as access and sell franchises and commercial properties.
GlobalBX also gives business buyers and sellers the adequate information they need to avoid making the wrong choice. Are you looking for an excellent site to advertise your business? GlobalBX is a good choice. Try GlobalBX, and you won’t regret it.
BusinessMart is the fourth on our list. It has franchises, business brokers, and businesses available. BusinessMart also has a provision for funding. It has features that enable you to search for brokers near you who you can employ their services for the sale of your business. You can equally search for businesses by category, state and country.
Those interested in franchises can search by capital. With a businessMart, you will be able to reach a large number of customers you wouldn’t have been able to reach on your own. And the good thing about this site is that it only charges a low fee of $20.99 per month. As a small business owner using BusinessMart, you will be able to get direction on how best to advertise or market your business to attract befitting buyers.
BusinessBroker.net offers a list of franchises, business brokers, and businesses available. You can search for these listings by industry and location. BusinessBroker.net is known to have over 28,000 businesses and franchises put up for sale.
If you need guidance or direction on selling your business, BusinessBroker.net will guide you and ensure you are aware of some mistakes others have made that lead to regrets. If you are looking for a good site that will guide you in the course of selling your business, BusinessBroker.net is capable of the two.
LoopNet is renowned for helping small business owners who desire to sell their businesses achieve their aim. The site has collaborated with many top commercial real estate firms like Coldwell Banker Richard Ellis, Cushman & Wakefield, and Century 21.
LoopNet has more than 1,500 commercial listings available and an app you can download through Google play and the app store, which enables you to browse listings. LoopNet is one of the most reliable sites where you can advertise your small business without stress.
Exit Adviser is another site on this list. This site is specially made for small businesses. It has an online brokerage site with excellent online selling tools. It also has a broker board that realtors, business brokers and advisors can use to create, manage, and upload their business listings.
Exit Adviser offers you a 30-day free trial, after which you will have to pay a one-time fee. In addition, Exit adviser offers support services to its users and gives them guidelines on how to go about the sale of their business to avoid making mistakes. Exit Adviser is a good site for small businesses to advertise their business for sale.
BizQuest enables small businesses to reach out to potential buyers through adequate advertisement. The site helps reduce the stress of doing all the selling processes yourself by assisting you in getting a business broker who will help you get a buyer.
BizQuest also allows buyers to search for small businesses to buy according to categories, such as top cities, states and popular businesses. With its top-notch ad, the BizQuest site is one of the best platforms for small business owners who want to sell their businesses without stress. So far, it has helped hundreds of thousands of small business owners sell their businesses. BizQuest is a good choice for all small businesses.
Flippa is a platform for listing digital and e-commerce businesses. Many small business owners have leveraged the efficacy of this platform to sell their businesses at excellent prices. Flippa allows its small business owners to trade their assets with other business owners.
You are also availed of the privilege of having access to a business broker who will assist you in the sale of your business. Flippa will help you make the right choices when it comes to selling your business and enable you to connect with serious potential buyers.
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Choosing a place to advertise your small business should depend on your targets, goal, budget, and business type. You must make the right choice of platforms, as your choice of forum can increase or decrease your customer base.
Sociallybuzz is a leading social media marketing, management, and digital advertising agency for small and medium-sized businesses. With over 12 years of experience, we know how to create and execute marketing campaigns that will help you grow your business. Our social media agency specializes in using the power of social media to create highly targeted campaigns designed to get small business owners more customers and sales.
>>>> Check out some of our case studies <<<<
Contact Us, Let’s Promote Your Business !!!
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