Overall, working with a business broker is the best way to sell your business fast. Business brokers specialize in the buying and selling of businesses, and they can save you a great deal of trouble compared to selling on your own. Be sure to follow these 5 foundational steps:
1. Determine how much your business is worth.
Having a thorough, representative business valuation is essential to pricing the business well, selling it quickly, and not leaving money on the table. Make certain that you choose business brokers who have a well-tested valuation process and a track record of successfully closed sales.
2. Confirm how much it will cost to sell your business.
Assuming that you will be working with a business broker, it is important to understand the upfront fees and commissions involved. It is also important to know what fees to expect from other participants in the process, like the legal and accounting team who will close the sale. Only work with business brokers who are completely forthcoming when discussing fees.
3. Maintain confidentiality.
Confirm that financial materials and sensitive marketing materials remain confidential and there is a process of vetting before these types of materials are released. Maintaining the confidentiality of your personal and business identity is essential to a smooth sales transaction. Therefore, it is equally essential that you choose a business broker that will put your confidentiality as the highest priority and take the necessary steps to ensure it.
4. Familiarize yourself with the selling process.
Selling a business — even when selling a business fast — involves multiple steps. One major benefit of a good business broker is that they have the experience to guide you through the selling process. However, it is wise to ask beforehand: What process will the business broker be following to sell your business, and does that process have a proven track record? Insist on working with business brokers who fully explain how their process works and who will be there throughout the entire process.
5. Consider the type of buyer your business will attract.
Depending on the type of business you have, from the industry to the business size and value, different types of buyers may be interested. Your type of business may attract an individual owner/operator, a financial buyer, a strategic buyer, or even a private equity firm. Find a business broker who has experience working with the types of buyers most likely to be interested in buying your business.
At Viking, we pride ourselves in using a straightforward process to help individuals achieve their goals. We offer free valuations as the first step, even if you aren’t sure you want to sell your business, so let us know if we can help.