When you’re thinking about how to sell your business, it is common to have a lot of questions about the process and what to expect like, "How much is my business worrth?" Below we’ve addressed a few of the top questions you may have to begin the conversation about how to sell your company.
Q: How do you sell a business and can I sell my business without a business broker?
A: The short answer is yes, but the long answer is that it is ill-advised. A business broker is licensed, certified, and completely focused on selling small businesses. They have a network of professional resources, and a database of active buyers to aid in a business sale. The owner of a business already has a day job, have most likely never sold a business before, and don’t have a network to help with the sale process. A business broker can also ensure that the sale remains confidential and all legal ramifications are taken care of at closing, while a business owner will unlikely have the tools and processes in place to do the same. Finally, a business broker knows how much a business is worth.
Q: Is my business even worth selling? Or should I sell my business?
A: Transworld believes that there is a buyer for every business, but it is a matter of listing the business at the right price and at the right time. And if you’re using a Transworld business broker to facilitate the process, then they will be actively marketing your business to identify possible strategic or synergistic buyers. So the answer is yes, most businesses are worth selling, especially with the support of a professional business broker.
Q: Is there anything I can do to help my business sell?
A: There are definitely ways you can help sell your business fast. Making sure your financials are clean and well documented is a great way to bring value to your business. If you need help in this area, hiring a CPA is a great way to be more prepared for a sale. Another way to add value to your business and help it sell is to remove yourself from operations. This may involve training or hiring a manager, but is a great way to make your business more attractive to a buyer and sell your small business.
Q: How do I sell my business without letting everyone know?
A: 100% Yes! In fact, we absolutely prefer and recommend that a business sale be kept confidential until all of the closing documents are signed and ownership is transferred. We have built our process around keeping the sale confidential and believe it is a big part of a successful sale. When employees and customers become aware of a sale, they may leave, which can have a negative effect on the business. The main ways Transworld keeps their sales confidential is through blind ads and non disclosure agreements, which buyers need to sign prior to learning about each business.
To learn more about the business sale process and to discuss any additional questions you may have, we invite you to schedule a free broker consultation or visit our website today.
Rachael Holstein has been the Marketing Manager for Transworld - Rocky Mountain since 2016. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!