Selling a business is a complex and often difficult process that takes time. If marketed properly, most businesses sell within 4 to 12 months from the initial time to market until closing.
Keep the sale process confidential. It could be detrimental to your business if customers, employees or competitors become aware of the sale.
Confidentially market your business to multiple buyers. Competition among buyers is the best way to achieve maximum value for a company.
Prior to the sale, minimize the amount of discretionary expenses deducted through your business. Clean financial records help buyers (and their lenders) successfully complete a transaction.
Selling your business is a specialized process. Consider using the expertise of a professional intermediary, attorney and accountant. The value of good advice is well worth the expense. Focus your time, energy and expertise on managing your company.
Be cautious of "seminar" intermediary firms who charge large up-front fees ($29,500 to $45,000) to market your business. These firms entice sellers with extraordinary promises that may sound too good to be true (as they usually are.) A reputable intermediary earns fees AFTER a sale.
Pursue each potential buyer with fervor and stay positive. Remember that it only takes one buyer to close a deal. At the same time, remember that it's important to move quickly when a prospect shows interest. Don't let negotiations drag on as emotions tend to grow stale with age.
