10 Things To Know About Selling Your Business
- Have Organized and Verifiable Books and Records
Buyers seek peace of mind in evaluating a business by having proof of the profit and sales history of the business. Very few buyers will just take the word of the seller that the business is profitable without detailed substantiation.- Provide an Attractive Lease
All buyers want a favorable lease that will allow them to step into the business without need to renegotiate the lease in the near future.- Price The Business Right
Over-pricing may lose you the sale, Under-pricing will lose maximum value for you. Our professionals have the tools and the knowledge to price your business right from the start.- Expect A Reasonable Price And Terms
Buyers looking to purchase an on-going business will not even look at a business in today’s marketplace that is not priced correctly or one that does not offer competitive terms.- Great Appearance Of The Business
Fact: A business that is nice looking will sell before other comparable businesses! Buyers are more likely to discount businesses that are not in good shape. Keep the front and back areas of the business neat, organized and in good order. Buyers perceive that a sloppy appearance of a business may be a sign of trouble for a business for sale.- Sign a Non-Compete Agreement.
Buyers do not wish to compete with you if they buy your business. An agreement that specifies a specific time period and distance is usually a standard part of a business sale.- Get A Comprehensive Professional 3rd Party Evaluation
Businesses that have a 3rd party evaluation experience less haggling on price from buyers. A 3rd party evaluation serves as verification that what you are asking for the business is an accurate and fair price.- Complete List Of Furniture, Fixtures And Equipment (FF&E)
Buyers will want a detailed list of what is included in the sale of the business. Buyers will also want to make sure all is in good working order.- Have A Good Reason To Sell
Buyers always want to know why the seller is selling. Their concern is that there may be something that is undisclosed about the business that may hurt the business in the future. Buyers need a logical reason for the sale from the seller or they will have reservations about the business.- No Surprises—Disclose All Relevant Facts About The Business To Your VR Intermediary!
Most negatives about a business can be overcome if known by the VR professional intermediary at the start. Problems that are discovered by an interested buyer while investigating the business are very difficult to overcome.