You have various options for selling your business. You can advertise it on specialized websites, post ads on social media, spread the word among your network, or reach out to local chambers of commerce. As you can see, there are plenty of avenues for selling your business yourself.
Many business owners deeply value their business and the effort they've invested to succeed. It can be tough to let go of something you've worked so hard to build. What factors might prompt a business owner to sell their business?
Some owners may desire retirement and wish to hand over operations to a younger, more energetic individual. Others might relocate to be closer to family or pursue opportunities abroad. Additionally, achieving their initial business goals may lead some to seek new challenges or ventures.
Thus, you may have your own motivation for selling your business. Regardless of your motivation, you must choose a method to sell your business. You can either handle the process yourself, investing time and effort in advertising and communicating with potential buyers, or enlist the services of a professional business broker, such as myself, who will manage these tasks on your behalf.
I understand a common concern: if you sell your business yourself, you won't have to pay a commission. However, if you hire a professional like myself, you'll need to pay for my services. Speaking from my experience as a former business owner of a nationally known franchise, I opted for proper representation and peace of mind when selling my business.
In the upcoming blogs, I'll share my personal experiences to help guide you through the process, although it's nearly impossible to cover every aspect. This is because each business has its own unique complexities. For instance, selling a franchised business differs from selling a non-franchised one. Additionally, businesses requiring licensing for transfer or including real estate pose unique challenges.
Every business sale, whether selling a small business, medium, or large-sized business, it needs to be evaluated for its complexities. Then, a business adviser like myself can offer guidance on the process.
The most common and usually the first question that a business owner has on their mind is how much is my business worth? Or what can I sell it for in the current market?
These questions are a good starting point and then you must start to work on a business valuation form that requires information from the owner that will help a business adviser like me to help determine the value.
After an initial estimation, I will be able to let you know that you should get a professional service to provide a value for your business, however, in most cases my experience in business sales should provide us a starting point where to price your business.
Running a business is stressful as it is, and then you are selling that business, it can be equally stressful, however, if we gather all the information ahead of time, it really can bring the stress level down and your experience will be much smoother. There is a method to the madness, and I will help you streamline it.
In the next blog I will cover the process to get started, and to set time expectations as well.
Contributor:
Cheryl's a restaurant business broker, over 25 years in the bar and restaurant industry coupled with a J.D. Cheryl works tirelessly to create successful strategies and effective negotiations for those who wish to purchase a new or sell an existing bar, restaurant, cafe, or night club. 415-309-2722
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I am the Founder Of BizBen.com. I consult daily with intermediaries, business buyers, owner/sellers & advisors daily about buying and selling California small to mid-sized businesses. Contact me today about joining & utilizing BizBen, consultations, & advisory services.
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The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups.
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For over 25 years Peter Siegel, MBA has been providing niche business purchase financial advisory and loan placement services with SBA Loans, Non SBA Financing, Retirement Plan Conversions, Note Restructures, etc. Call me regarding business purchase financing and to get pre-qualified: 925-785-3118.
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McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
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If your business involves alcoholic beverage sales, we can help. Obtaining a liquor license transfer or selling a business with a license in California does not have to be a frustrating and overwhelming process. We have procured thousands of licenses for our clients.
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Laundry consulting, due diligence, buyer representation: We preview laundries for you and evaluate them. 28 years laundry industry experience: buying, selling, valuing, retooling, analyzing, consulting services for laundry buyers and entrepreneurs in California. Contact us today about our services.
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I am an experienced entrepreneur, attorney, & business professor. I & my EvergreenGold® team offer business owners sound advice & expertise to build business value & achieve profitable sales. Call me today for a business evaluation & SWOT analysis for your business anywhere in the USA.
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