Loose lips sink ships and sales, so keep it quiet. If you’re in a business where a sale may send your customers or clients into panic mode, it’s probably best to keep an impending sale quiet until you have identified a buyer and finalized the details of the sale. That includes determining how you will transition your customers to the new owner.  Always get your offers in writing, ALWAYS!!! If and when offers start coming in for your business, it is important to have the details in writing to make accurate and proper comparisons. As is most cases price alone will not be the only factor that will have to be considered, so it is important to have all the details of each offer to decide which is the best offer for you and the business.

Will following these tips guarantee that you select the right buyer for the business? No, it will not but by following them you will set yourself up for success and increase your chances of finding the right buyer at a fair price for your business while avoiding the lava.

Set a realistic asking price. If your business is doing well, it can be tempting to set a very high asking price. In reality, there are many factors that buyers will look at when considering a purchase. Consider how all of these things will factor in and how you would view the business from all angles if you were the buyer. Consider profits, client relationships and the personal investment of time that will be required for the new owner to make the transition successful and set your asking price accordingly.

Hire a professional business broker to help you with listing your business for sale. A business broker will help give your business market visibility where you want it and will increase your chances of finding the best fit for you and your business. A broker can also help you set a realistic asking price and help you with marketing your business and contacting potential buyers on your behalf, which leads up to our next point.




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