The recent crisis has put many business owners in the position of having to sell their businesses. While it is not always easy to find a buyer willing to take over a business, with the right strategy and expert advice from experienced business brokers, it becomes easier to sell your business and get the right price for it.
To ensure a successful sale, you have to avoid mistakes that could compromise years of sacrifice and commitment. There are three common pitfalls that if not taken into consideration risk holding us back. They include:
- Too strongly linking your name to the business: If it is true that a good reputation can help increase the profits of the business, it is also true that, when you want to sell the company, you must ensure that the new owner is not negatively impacted by news that you have left the business. Anyone buying a business does so because they are determined to achieve success independently from the previous owner.
- Failing to demonstrate growth potential: An unprofitable business does not appeal to anyone. We will never find a willing buyer to take over a business that does not show growth potential. Therefore, we must demonstrate that it is worthwhile to buy what we are proposing and show that there will be at least some economic returns in the short term. Creating a good network of contacts, having a good customer base, or being available and easily reachable, are just some of the elements that will give confidence to potential buyers.
- Not getting professional advice: Relying on the advice of expert business brokers makes a huge difference. Getting support from competent professionals will allow you to definitively close the case without surprises once the negotiation is concluded.
Remember that selling our business does not always mean retirement, especially if we are of an age that allows us to explore new ventures. With the right planning, once the business has been sold, one can think of investing by buying one or more businesses in Florida.
If you are looking to sell your business in Florida, our experienced business brokers are available today to offer you support not only with preparing the various documents, contracts, and handling necessary procedures but also with the task of accurately valuating your business and negotiating with potential buyers. Get in touch today to learn more.