Business brokers are responsible for helping business owners sell their businesses and help potential business owners find a business to purchase that fits their needs and wants. Brokers are responsible for evaluating businesses and providing business valuations, establishing listing prices, screening potential buyers, and working with other professionals involved with the sale such as lawyers and accountants. Business brokers take a lot of the guess work out of the process for both buyers and sellers, and do their best to ensure a successful transition.
Despite how comprehensive broker services are, there are several steps you can take to assist in the selling process and make the most of the sale of your business. Being as informed of your business financials, procedures and other information as possible in addition to understanding the selling process benefits you greatly. The more your broker knows about your business, the more they can do in the way of making productive decisions on how to list, market and sell your business.
The more you know about the process and what selling your business entails, the more successful you will be at selling your business and transitioning easily. Here are some things you can do as the business owner to ensure a positive experience for everyone involved.
- Familiarize yourself with local, state and county laws. Taxes and the closing process differ from state to state, and even from county to county. By familiarizing yourself with the local policies of contributing factors for sales, you decrease the chance for surprises along the way and you will feel better prepared for future steps. By being more informed, you can make the most informed decisions, thus making the process smoother.
- Prepare finances. By preparing extensive and detailed reports of your finances, your broker can make the best decisions for the sale of your business. Give your broker updated statements on your business’s income, expenses, losses, inventory and assets. The more information you can prepare and provide for your broker, the better the business valuation your broker can create.
- Maintain confidentiality. Keeping details of the sale as private as possible is an essential component to a successful sale and one that owners are partially responsible for. Stakeholders, such as customers or even employees, should not be informed of sale details. Brokers commit to maintaining confidentially; it’s imperative that business owners do as well.
- Continue to run your business. It is important to maintain a successful operation especially while you are looking to sell your business. This will matter to potential buyers; they are looking for successful businesses and want to know that things will continue run well even after the transition.
Should you be in the market to sell your Houston, TX business, we urge you to familiarize yourself with every aspect of your business and contact a professional business broker. Transworld Business Advisors of Houston has teams of experienced brokers ready to help you through the process. Call us today!