HOW TO SELL YOUR BUSINESS
FOR THE BEST PRICE!
According to statistics, there are over 660,000 Arizona Businesses Opportunities in the greater Phoenix area, and approximately 15% of these are sold each year. Therefore, a buyer has 100,000 Arizona Businesses Opportunities to choose from while you have only one to sell. While these odds certainly aren't encouraging, you can turn them in your favor by following these simple rules.
- MAKE SURE YOU REALLY WANT TO SELL: This may sound absurd, but if there isn't something you'd really rather do, forget about selling your business.
- GET YOUR COMPANY'S FINANCIAL STATEMENTS IN ORDER: I am constantly amazed at the number of sellers who feel their business profits and/or losses are private. Just the opposite is true. Your business financials are your business! That's what an individual is buying.
- DON'T TAKE NEEDED ASSETS OUT OF THE COMPANY: Buyers will immediately spot any missing equipment and they will automatically subtract the cost of new equipment from their offer. In addition, if any of your equipment needs repair, replacement or updating for you to remain competitive, you should make these adjustments before you sell.
- WORK EXCLUSIVELY WITH A BUSINESS BROKER YOU HAVE CONFIDENCE IN: While you may be an expert in your business, you are probably a novice in the art of selling businesses. Therefore, just as you want a lawyer to represent you in legal matters, a CPA to represent you in financial matters, you definitely want a Business Broker to represent you in the sale of your business.
- DEVELOP A THREE TO FIVE YEAR BUSINESS PLAN: There's an old saying, run your business as if you never planned to sell, but have everything in order so you could close tomorrow. Not only will the Business Plan help you while you own your business, it will show the buyers you aren't neglecting the business while you are trying to sell it.
- DON'T OVERSTATE OR UNDERSTATE YOUR BUSINESS: Stress the positive aspects of your business as well as the weaknesses it may have. After all, what you consider to be a negative might not bother a prospective buyer at all.
- DON'T SET THE ASKING PRICE ARTIFICALLY TOO HIGH: If you set the price unrealistically high, it will discourage a buyer from even making an offer. In any event you won't need to ask an artificially high price if you have an appraisal, your financials are up to date, and your equipment and fixtures are in good operating order. These facts and figures will prove your asking price is a good value.
- MAINTAIN AN ATMOSPHERE OF FRIENDLINESS THROUGHOUT THE SALES PROCESS: This isn't a battle or a contest. Be open to some give and take. Remember, the buyer doesn't have to deal with you. There are 100,000 other business he can buy.
- FINALLY, DON'T WAIT TOO LONG TO SELL: The best time to sell is when your business is doing well. Don't get greedy and think you can hold your business through the good times and then sell it for top dollar when the economy is falling.
CONCLUSION: Let the Golden Rule be your guide. Think how you'd like to be treated if you were the buyer . . . and then treat your buyers that way. By following these simple rules, you will be well rewarded.
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