In today’s climate of economic instability and financial crisis, many businesses owners in Florida, especially with small and medium-sized businesses, are considering putting their Florida businesses up for sale. If you are also thinking about selling your business, here are a few key tips to help you sell it in the shortest possible time.
- Make a careful business analysis that highlights the strengths and weaknesses of your business. No one can understand and evaluate if there have been changes, what they are and what they will be in the near future better than you.
- Detach yourself objectively from the emotional value, from the value-added as a consequence of the hard work you have put in, and try to evaluate it for what it is today, in light of the economic performance at this time. This is a sensitive topic because each of us would like to see the years of work and commitment of the past recognized, but the reality is that we have to put ourselves in the shoes of a possible buyer who is likely also looking at similar businesses around Florida. Only by accurately determining the true value that the business has today, can we hope to sell it.
- Check the expiration date of the lease contract for the premises. This is the first thing a buyer will ask you. Having a long-lasting lease will be a plus for the sale.
- Check that the tax records are in order, that there are no outstanding payments and, if you know there are, speak to the buyer immediately. Transparency on your part will be the first rule that will allow you to have concrete relationships with potential buyers.
- Try and improve the business in terms of visual impact, make it more welcoming, keep it clean, try to observe it from different perspectives to understand where small necessary adjustments may be required. Remember that we want to create a good first impression when potential buyers visit the business premises.
- Try to make promotions that increase the flow of customers to the business during the period it is up for sale, it always a good idea to be able to show good business traffic or have lots of work in progress to show a buyer. From this perspective, what is the fundamental image that those who come to look at the business will see. The greater the traffic, the greater the better the impression of a vibrant, active business with an adequate customer base.
These are just a few of the tips business owners should keep in mind when selling a Florida Business. Things can be even be more complicated when a business owner is contemplating how to sell off your growing Florida Business or trying to figure out why they should use a Business Broker.