Most small business owners only sell their business once the sale.
isinvolved the steps in selling your small business is a complex process. Your goal as an entrepreneur is your business to sell quickly and get the most amount of money in your pocket at the end of the day. Do not fall for these common myths that could affect the sale of your business and ultimately the financial security of your family
Do these sound familiar ...
Myth # 1 -. I can my Sell Small Business myself
entrepreneurs how to do things themselves. Many feel that they are qualified business without the help of professionals to sell. This way of thinking can be a major challenge for the successful sale of the company. Just because an owner, a product or service for sale, does not mean that they represent their company and sell.
There are three important questions if you want to sell the business itself.
- If you want to sell your small business, confidentiality is lost. What will your competition if word gets out that you are selling?
- What are your customers, employees and suppliers think if they know that you want to leave the company? Will your company be dropped? If your credit be redefined by the bank?
- Would you like the time? There is a lot of work to do if a business for sale. You must create the marketing materials, the collection, display advertising buyers and determine whether they are serious or tire tread, and facilitate due diligence. Additionally, you need to focus on the company's growth, so that a buyer will not go due to lack of sales.
When it comes time to sell your business to keep you focused on running the business and the increasing need your sales. You must focus your efforts on questions that assume for a potential buyer not care to new challenges
Myth # 2 -. I'm going to sell my small business, when I'm ready
is certain it is important to be ready emotionally to sell. However, personal preparedness is only one factor in the sale. There are economic factors to consider also.
The price of your business for sale can be affected by the consolidation of the industry, interest rates, unemployment and many other economic measures. Talk to a certified business broker about what it takes your small business for sale, so if you are ready, your company also is
Myth # 3 -. I know what is my business worth
find this one of the most important areas, the owner shocking. Many small businesses have no idea what their business value today in the market. For some entrepreneurs, they rely on the value of the company, what they need for retirement. Others will say they want $ 100,000 / year for "sweat equity." Again use other industry multiples. What if all of these are false? What if the market is not willing to pay you what you think, your small business is worth?
A third party review is a good idea for anyone seriously consider the sale of their business. An external review will encompass a thorough analysis of the company and the market in runs, this a solid understanding of the growth potential of the company, not some vague industry average
Myth # 4. -. Selling a Small Business is like a house
SellingIf you are preparing your home to sell it only take a few weeks. Once your home is ready to take it to the market and get the word out everyone that the house for sale. Once you receive an offer that you are satisfied, sign on the dotted line, rotate, move on and the keys.
The sale of a business is much more complex. A successful business sale usually requires a lot of pre-planning, at least one year and perhaps as long as three years to increase sales, develop and key employees, documenting the operations and control costs.
The average house will sell in less than four months, while the average business sale is nine months to one year.
is sold, even after the transaction, the seller can be expected to put a few months in at least, and possibly to help year transitional period, the new owner, to run the business successfully.
get to market with realistic expectations by a professional evaluation and use a professional business broker or intermediary.
These are just some of the myths that entrepreneurs need to be aware of before to sell their business.
For more information talk with your advisor or business broker who help, entrepreneur specializing transition.
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