Expect the Unexpected!
A great advice of experts is that a business owner should plan for selling at the same time when he/she first opens the door of business. Thought it is great advice but it is rarely acted upon. Most of the business-sales are event-driven, for example divorce, partnership problems or health issues. A business owner decides to sell a business without considering the unexpected issues which can mostly occur.
Below are some questions, which need to be answered; before selling.
What is the worth of your time?
Most business owners are the mainstay of their business operation. If they get themselves busy/involved with meeting the prospective buyers, getting necessary data for them, answering their questions, the business might get affected negatively. Buyers can prove to be very demanding. Ignoring buyers doesn’t only kill a possible sale but it also reduces the purchase price.
In such scenario, using the services of CBC Business Brokers can save a great amount of time. Along with other duties of a business broker, we make sure that the owner only meets the qualified buyers at a time convenient for the owner.
How much of your involvement is needed?
Some business owners want to be involved in business sale so much that they want to know every detail of a buyer’s visit to business and every other detail of the process. This takes time from running the business. Owners need to realize that a prospective buyer thinks that the business will keep running through the sales process and closing, successfully. Managing the sale of business at a micro level take pretty good amount of time from business. This also is one of the reasons to use services of CBC Business Brokers. We handle the details of selling process and keep the seller informed at every step of the sale. In this way, owner gets the necessary time to run the business. However, all buyers know that it is a seller’s business and the final decision is made by seller.
Is there any other decision maker?
Sometimes, sellers forget that they might have a silent partner, or that they have sold some stake to their cousin in exchange for some operating capital, or that their wife’s name is on the liquor license. These part owners can come out of the blue and create issues with the sale of the business. The owner should gather approvals of all the silent partners in writing before going to the market.
Is confidentiality important?
Confidentiality is always an important issue. Though a more active selling process greatly increases the chance of higher price but it also makes it more likely to get the word out. CBC Business Brokers are experienced in maintaining the confidentiality of the business sale.
Ready to sell? Contact CBC Business Brokers Sydney today on 1300 661 498 for a free strategy session.
CBC Business Brokers Sydney
Level 34, AMP Centre,
50 Bridge St,
Sydney NSW 2000
T: 1300 661 498