3 minute read
Why Do I Need Help Selling My Business?
BUSINESSES ARE HARD TO SELL. BY JEFF BACH
o, you are thinking about
Sselling your business? While there are many obvious complications involved in selling what is possibly your largest asset or even your biggest complication, it is the not-so-obvious things that make the process so hard. The obvious are things like marketing, sales contracts and such. There is so much more to the process that most find it is a good idea to use the help of a business broker in this pivotal moment. Whether selling on the open market, or even to family or your employees. Have you thought about confidentiality? If the wrong people find out that you are thinking about selling, it can be very damaging to your business. Both customers and employees get nervous when they hear of an impending sale. Even though both are very important to a new owner, and they generally enjoy improved conditions after a sale, an intermediary can insulate you from word of a sale getting out. Will your sale be an asset purchase or stock purchase? How the business is purchased usually affects the buyer more than the seller, but it is an important question to consider when it comes time to finalize a deal. Your buyer may opt for an asset sale to not have to take on unknown liabilities as they would with a stock sale. Some other key questions to consider for selling your business: n How has COVID affected your business? n Is there special licensing involved in your operation? How do those rights transfer? n Is this the right timing in your industry and in your life? n Do you lease your facility or own it? If you own, do you want to sell the real estate or is leasing to the new owner an option? n What kind of debt do you have on your business? How will that debt be dealt with at a closing? Any debt from COVID relief? Any liens on the business or property? n Is your business financeable? How would a buyer be able to pay for it? How would a family member or your employees be able to pay? What are the benefits and detractions of these options? n Finding the buyer isn’t just about marketing, although marketing is important. Is it the right buyer? Do they have the funds needed to buy the business, or can they get them? n Do they have the skills needed to operate your business or to take it to another level? n Does the business currently have the cash flow to support the buyer? The unexpected happens. Things turn up. How do you battle through those? What are the options? The bottom line is that there are a lot of moving parts to a business acquisition or sale. A business broker team with extensive experience can make the difference between a sale or no sale. Between a payday or an expensive and time-consuming lesson. Consider your options and interview professionals who can help!
JEFF BACH is part of the team of top business brokers in this area at Fusion Business Brokers. Fusion Business Brokers combines the highest levels of technology, marketing and professional experience for the needs of business owners. With access to their large network of qualified buyers, Jeff offers the best opportunity to help you successfully sell your business. He only gets paid when you sell. Valuations are free and are the starting point to knowing the right approach to selling your business. Jeff also helps qualified buyers find and buy a business that meets their goals. You can contact Jeff for a free, confidential, no-obligation discussion about selling your business or buying a business at 314-941-8530, or by email at jbach@fusionadvantage.com. BUSINESS & FINANCE
