For many small business owners in Minnesota (MN), asking the question, “How can I sell my business in this economy?” creates an issue they are not sure how to answer. The reality is that a business is always a marketable commodity provided it is prepared for the sale and the price is selected to reflect the actual value of the business.
The biggest mistake that is made when an MN business owner decides to sell a business is to not take the time to prepare the business in advance. Perhaps the better question to “how can I sell my business” should be “how can I prepare my business for sale”.
This is where a business broker that specializes in working with sellers is a great asset. These professionals will provide suggestions and advice on preparing the business for sale that will not only potentially increase the value of the business, but also help to ensure the sale is completed in a timely manner.
Don’t Use Just Anyone
You will find that there are different professionals that have the ability to complete the sale of a business. A commercial real estate agent is one, as is a real estate attorney.
However, neither of these professionals has the experience in valuating, marketing and attracting qualified buyers when compared to a reputable business broker. Of course, you will want to ensure you are using a top broker from a recognized firm and always select a broker with a significant national network of agents that are also working for buyers looking for a business just like yours.
Plan in Advance
Selling a small business is not like selling a home. It is a good idea as soon as you start thinking about selling the business to talk to a broker. This gives the broker time to valuate the business and to also talk to you about possible options to better prepare the business for sale.
There are very specific things that savvy buyers are looking for in a business for sale. Having the ability to take the time to address these issues and add or improve specific aspects of the business is only going to ensure the business will sell quickly and for the price you need.
Finally, a business broker that works for the seller is there to negotiate and work for your best interests. More than a realtor, these professionals can market your business to qualified, confidential buyers that are primed and already looking for just what your business has to offer.
