How to Sell Your Business for More Money
It makes common sense to surround yourself with the right team when building a business and, therefore, it should be a no-brainer to do the same when selling it. How to do that? Work with an experienced business broker and you will go a long way in obtaining the highest possible price for all the years of blood, sweat and tears.
In fact, a good business broker can and should be able to sell your business for about 20-40% more than you could on your own. Apart from managing your listing, a broker can also help you with evaluation and utilise their connections and market knowledge.
Selecting a good business broker should be treated as a two-way process and consist of good questions asked by the broker and seller alike.
Seller to Broker Questions
A broker that deserves your time and money will be ready to easily answer the following questions:
- How long have you been selling businesses?
- How many businesses have you sold and in which industries?
- Do you have any testimonials?
- How do you find, locate and qualify buyers?
- What is your closing ratio?
By readily answering the questions, you should have a better idea about the broker’s experience and how or if they could help you.
Broker to Seller Questions
On the other hand, a good broker will want to know more information along the lines of the following areas:
- How is the company brand?
- Are you the business?
- How deep is your customer base?
- Do you have multiple revenue streams?
- Is your business fiscally fit?
Moreover, the above questions can give a serious seller an idea about what a prospective buyer might be looking at when buying a company.