Sell My Business: A Practical Guide to Avoid Costly Mistakes

by | Oct 27, 2015 | Business

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Clients who work with experienced consultants specializing in providing meaningful guidance often avoid costly mistakes when deciding to sell, merge or acquire a business.

Hiring a business advisor to aid owners in confidentially selling their companies for the best price and terms should be the first step after you speak the words, “… I’m ready to sell my business.” Minneapolis is home to several firms with trusted business brokers who that specialize in helping clients just like you.

Hiring The Right Broker

Firms that have established themselves in selling privately held businesses throughout the U.S. and around the world exist to seek out and align their clients with successful strategies and provide guidance throughout the process. If you are looking to sell, hire a broker who knows how hard you have worked to build a successful business, and wants to work to get the best price possible.

When seeking this type of representation, hire a firm with offices spread across the country and world. Their success comes from hiring experts with a broad skill set to work collectively with other companies and market your business at the international level, rather than just in the U.S.

Finding a Value

When it is time to sell or merge to further grow your business, make sure to hire an advisor who is qualified in business valuation services and will work to maximize the overall value. Larger firms are known to specialize in working with companies that have $5 to $50 million in revenue and often work with their clients’ attorneys and accountants to streamline the sales process. Once they have all of the financial documentation related to your company in order, the professionals take over and provide you with an estimate.

Go From ‘Sell My Business’ to ‘Sold My Business.’

Most buiness brokers have a target list to which they will present their client’s business motives. Hire a firm with professionals in marketing and business development. They work methodically to reach out to potential buyers and are skilled in sales and have the ability to market businesses in a compelling fashion.

Brokers also streamline the sales process and coordinate the financing of the transaction, which is helpful when it comes to avoiding mistakes. To ensure this occurs, it is best to ask the firm to conduct a confidential business profile to prepare for the sale.

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