No matter if you’re purchasing a business or selling one, our experts want to make sure you achieve your goals without issue. Selling or buying a business can take months, and things can get complicated, but we strive to organize and simplify the processes as much as possible.
We created a Selling A Business Checklist to ensure the buying or selling process goes smoothly. We also have suggestions to consider when buying a business.
Here are some questions you should keep in mind when selling your business.
Are you working with a reputable brokerage firm?
This is one of the most important things to keep in mind. When you work with a professional, you can spend more time focusing on your company and less time worrying about the selling process. A firm can also make sure your business is receiving the exposure it deserves, ultimately attracting the right buyers.
Is your business ready to sell?
There are numerous factors that determine just how fast your business will sell. Timing is everything when it comes to selling, but at the same time, you’ll need to be prepared and ready. Are your organization skills in check? Potential buyers want a smooth transition and don’t want to step into a mess. Do you have any outstanding debt? To sell your business, you’ll need to show as much profit as possible. Are your accounts up to date? Showing transparency helps your business sell. You’ll even need to clean up your brand; it’s certain that prospective buyers are going to Google your company. First impressions really are everything, especially when you’re looking to sell your business and cash it out. Regardless, we can make sure your company is ready for listing.
Have you received a business valuation?
Before selling, you’ll want to determine the worth of your company. Brokerage firms analyze the financial components of your business to determine its value. Therefore, you should use a licensed professional to receive a thorough business valuation. This ensures you avoid issues later in the selling process.
We offer free services, and through utilizing our services, you’ll receive a unique business marketing evaluation and more. Our talented brokers ensure you’re satisfied with your company’s projected value.
Am I offering financing?
Businesses are more likely to sell faster and at a higher price when you offer financing. This is especially good if the buyer has no means of acquiring the full purchase price. Oftentimes, financing will only cover a portion of the price, but it opens a larger pool of potential buyers. Don’t forget to advertise the financing in the listing.
At Florida Business Brokers, we make it a priority to try and get your business pre-qualified for SBA financing. In fact, it’s standard for all of our listings.
Do you have your paperwork ready?
When you work with Florida Business Brokers, just some of the documents we use include:
- All required government tax documents (state and federal)
- Financial documents showing your company’s operations as well as the final price negotiation
- Credit reports
- Inventory schedule as well as the accounts payable and accounts receivable schedules
- Fixed and variable expenses analysis
These documents help you show potential buyers proof of your company’s success. Plus, we’re able to carefully plan with help from the documents, ensuring maximum success. Don’t worry, we’ll take care of all the work for you.
Are you scheduling when all parties are available?
We schedule meetings when it’s convenient for you; typically, our firm screens buyers for you, so you won’t have to meet with us for a while after we first communicate. There’s a lot you can take away from the broker as well as the current company owner, so take in what you can to make the business great (and perhaps even better than before).
Don’t spend more time and money than you need to in order to sell your business. No matter where you are in the process, Florida Business Brokers can guide you to success and help you increase the selling price of your business. We take care of everything behind the scenes and stay aware of your needs throughout the selling process.
Now that we’ve outlined some tips for selling your business, you’re probably wondering what direction to go in if you’re buying a business. Finding businesses for sale can be difficult at first, especially if you’re unsure where to look.
The first thing you need to do is begin working with a professional. In Florida, several laws and regulations determine how you can own and operate a business. Be sure you’re following them by utilizing a firm’s expertise.
Doing your homework and discussing your wants and needs with a broker are the best ways to start your search on the right foot. They can especially help you determine how you’ll be financing the business. Besides a great credit score, you’ll need to see if the company for sale will offer financing or if the amount you’re willing to pay is enough. This is where a business valuation also becomes useful.
We offer a database where you can search by location, price, keywords, and business category. This tool will help you find a business that closely relates to your personal and career goals. You can also visit our firm in Wellington, Florida to speak with our brokers in person. Our input on the business or businesses that you’ve already viewed will speed up the process and make it easier.
Make sure you have a relationship with the seller. By staying in touch with them, you can recognize any red flags. Learn why the business is selling in the first place, and see if there’s other detailed information you need to know regarding the company’s finances and operations.
If you’re purchasing an existing business, prepare a business plan. Talk with current employees and customers to see if they like how it is now, so you can stay consistent or make any necessary improvements.
Florida Business Brokers is here for you. Contact us at (561) 914-1182 to begin planning for success. We wish you luck in your new business venture.