Boston has such a rich history and a culturally diverse population. It is no wonder that it is an incredibly popular place to visit for fellow Americans and foreigners alike. Dating back to a time before our country was even founded, Boston is known for its academia, food, sports, and fanatics. As a business owner in Boston, you are likely constantly meeting new people, keeping up with evolving trends, and making decisions affected by seasons – both weather-related and/or sports focused. That said, after years of dedication and passion toward your business, it might be time to sell. The question now is, how do you sell not just quickly, but well? Let’s explore the best way to sell a business in Boston.
Step 1: Hire a business broker
A business broker will feel much like a business partner – with the business goal being a proper sale. With expertise in the process of buying AND selling, a knowledgeable business broker is an ideal resource to have in your corner. Not to mention, Transworld’s team of business brokers are local business experts and familiar with the Boston area. They have extensive knowledge of the area, market trends, and your industry. Rather than hiring someone remote from a different part of the country with perhaps only Google as a resource of knowledge, a Boston business broker is like your local bartender for business sales – they’ve got your back and the best advice.
Step 2: Valuation, Listing, Marketing
The next step encompasses the process of preparing your business for a sale with the guidance of your Transworld business broker and then listing it for potential buyers. A business valuation, for instance, is completed once your finances are in order and your profit margins can be translated into value. This will allow you to find the right listing price. Not to mention, during the selling process, a buyer will perform due diligence – which requires a detailed look into your financial books. Getting organized and prepared in the beginning will save you loads of time.
Once the business has been listed, you can market the sale – without spooking staff, suppliers, or the competition. This is best done by listing it in a trusted network, like the one found on the Transworld website, that values your privacy. Local potential buyers can filter based on their budget and business needs, and if your business is a match, it will pop up. This network consists of only pre-vetted buyers and sellers, so no time is wasted.
Step 3: Closing!
Once you have found the buyer, negotiated, performed due diligence, and signed on the dotted line – your business has a new owner. Do not fret, however, because your Transworld Business Advisors of North Boston business broker stands beside you during the entire process. Our office can even serve as the neutral location for negotiations. With your best interest as our priority, you will feel confident that your Boston business not only sold for a fair and profitable price but that the new owner is someone you can trust.
Boston is an iconic place, and therefore, deserves only the best attention. If you are looking to sell your Boston area business, contact a member of our team at Transworld Business Advisors of North Boston. You can be one step closer to retirement or your next entrepreneurial project.