Forced to Sell your Business because of a Big “D”?
I have been helping entrepreneurs sell their businesses since 2006. During that time I have met far too many business owners facing one of the dead “D’s”, and forced into selling or worst yet, shuttering their business.
There are two kinds of sellers – those that HAVE to sell and those that PLAN to sell
Too many business owners only know that it is time to sell when one of the big Ds force them to talk to buyers:
- Disagreement among partners
- Disinterest (owner burnout)
- Disinterest (the kids don’t want the business)
- Downturn in the business
Sadly, by the time an owner is in the midst of one of these, it is a fire sale and any buyer will do. So, it is far better to PLAN to sell your business than wait until negative circumstances force your hand. The key to this is:
Start Early to Avoid Crucial Mistakes When Selling a Business by engaging a Business Broker.
The reality is that the professional process to selling a business, which gives you the best chance of achieving maximum value when you exit, can take 9-14 months to complete. That’s because it is comprised of several key steps:
- Initial Business Valuation to Determine the Current Economic Value
- Value Enhancement Strategies Designed to Build the Company’s Value
- Creating the Optimal Buyer Profile
- Finding the Optimal Buyers
- Marketing the Company to These Buyers
- Getting NDAs
- Getting LOIs
- Due Diligence
- Deal Close
- Transition Period
And while these are going on, YOU NEED TO KEEP FOCUSING ON RUNNING YOUR COMPANY.
I bolded and capped the last sentence because it really is why you need to hire an business broker to guide you through selling your company.
Since 2006 we have been helping entrepreneurs sell their businesses. We are the premier Business Brokers in Southern California.
Are you thinking about selling your business? Contact us today for a confidential consultation and business valuation.
Here are our current listings, businesses for sale.
Here are are our recently closed deals. Just Sold Businesses.