How to sell your business - Entrepreneur Handbook in Las Vegas, NV

Published Jul 31, 22
5 min read

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If any one client represents over fifteen (15) percent of your annual sales, you may have a customer concentration issue, and buyers will take that into account when they are considering an offer for your business. Credit history: A seller must demonstrate a strong credit history and the ability to pay vendors on time.

There are many reasons why an owner may wonder how to sell a small business without a broker. Perhaps you’ve received an unsolicited offer to buy your business, eliminating the need for a buyer search. Perhaps a family member is poised to buy you out. Or, perhaps you’d like to avoid paying 6% to 12% of the sale price in broker fees.

However, that big sale price can also come with some hefty fees and expenses attached. While there are many strong arguments against trying to sell your business without a business broker or intermediary working on your behalf, sometimes it is the best – or the only – way to get your business sold. How Much Can I Sell My Business For Calculator.

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We’ll list out the primary steps involved in selling a small business without a broker, along with a few warnings to help you avoid common pitfalls. Selling a business is a complex process, regardless of size or industry. It’s also an endeavor that most business owners know nothing about. This is to be expected, by the way.

Just because you’re not working with a business broker doesn’t mean you can’t do your best to run a similar process. Sell My Business Idea. If you’ve never had a business valuation done, now is definitely the time to do it. Ideally, you should understand how buyers value a business well in advance of ever wanting to sell.

A valuation report can also act as a roadmap for how to increase the value of your small business before selling. All sellers rely heavily on both their attorney and CPA during a business sale process. This will go double without the help of a business broker, M&A advisor, or other intermediary.

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The reality is that lawyers and accountants are busy people. The urgency behind a lawyer’s calendar often revolves around court dates, while an accountant’s clock is set by IRS deadlines. You will need to respect that they have a lot on their plate, but also reiterate that your deal will only progress if deadlines and expectations are met.

Talking to buyers without being prepared will doom any proposed deal to failure. You need to start from a position of strength, and maintain the trust of the buyer throughout the entire process. The way to do this is to prepare your business for sale like a pro. Gather all documents that will be requested during due diligence.

They will be the foundation of the buyer’s valuation, the lender’s financing, the terms of a final agreement … pretty much the entire deal. How do you keep the sale of your business confidential? This is one of the primary challenges of selling your business without a business broker or intermediary of some kind.

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It’s difficult to approach potential buyers, and respond to them, without revealing your identity and that of your business without an intermediary. However, here is one approach: Consider making a list of potential buyers within your network of entrepreneurs and advisors. For example: Customers, suppliers, competitors, management teams, or companies in your industry that might be interested in growth through acquisition.

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It should tell them enough to know if they’d like to move forward with the opportunity to buy your business without “giving away the farm,” so to speak. Like the business valuation, this is something that you’ll want to have prepared ahead of time that is normally handled by a good business broker.

As mentioned in Step #4, you can make a list of potential buyers from within your network to approach. There are also a number of options for selling a business online using business-for-sale marketplaces (costs vary). The most popular business listing websites are , Biz, Quest. com, Business, Broker. net, and Axial.

How to Prepare and Sell Your Online Business - Empire Flippers in Las Vegas, NV

If you haven’t already asked for a personal financial statement (if the buyer is an individual), do so immediately. If the buyer is another company or private equity firm, ask for their sources of funding as well as a list of other sellers they have worked with that you can interview.

There may also be an inspection of the premises with a punch list of desired repairs from the buyer. Steps #8 and #9 typically happen simultaneously. The attorneys for both buyer and seller will be negotiating the details of the Definitive Agreement with their clients. Expect to be working closely with your attorney during this time.

News For Selling Your Business

Be prepared to stay on with the new owner anywhere from a month to a year post-sale. Sell My Business Online Free. Selling your business is a heavy lift in the best of circumstances. It will likely be even more difficult without the help of a business broker. With that said, doing it yourself is not synonymous with winging it.