At Utah Business Consultants, we’re here to help if you’re looking into selling your business. From basic business valuation services up to all the details involved in exit planning, we can ensure you have everything in order when it comes time for a sale.
What are some of the key themes that go into a successful business sale? There are a few, each in distinctly different areas. Here are some broad areas to make sure you’re considering when you’re thinking about a sale.
Understanding the Buyer
For many who have not been through the process before, finding a great buyer can be a difficult process. It can be hard to identify the qualities you’re looking for in a buyer, and even once you find them, it can be tough to separate prospective buyers who are truly serious from those who are not.
This is where a business broker like ours comes in. Business brokers have years of experience with vetting buyers, plus databases that help match your business with buyers that could be a good fit. They know all the signs that point to a truly interested party versus one that’s not serious, as well.
Determining Proper Pricing
One of the fastest ways to lower interest in your business for sale? Pricing it too high. First impressions are vital – even if you realize your mistake and lower your price after a period of time, there’s some percentage of prospective buyers who won’t even consider you moving forward after seeing that first egregious asking price.
Once again, a broker can do wonders for you here. We can assist you with properly valuing your company, including incorporating all your business elements to get a full picture. If you’re being unrealistic about your company’s value, we can show you why this is the case.
Maintaining Standard Operations
The process of selling a business is a demanding one, and a big part of the reason why brokers are so important for facilitating it is because maintaining standard operations during the sale is vital. A business broker allows you to keep your normal procedures running as usual while they focus on the sale at hand – if you don’t take advantage of these services, you could see the value of your business drop during the sale process itself simply due to the business suffering.
Ensuring confidentiality during the sale process is vital, both for legal and practical reasons. Breaches of confidentiality can lead to certain sales being voided completely, which is the worst-case scenario, but there are other possible results as well. Employees or managers might start looking for a new job, or suppliers and buyers might get wind of the news and take their business elsewhere. None of these are results you want.
For more on the important areas that go into a successful sale, or to learn about any of our business brokerage services, speak to the staff at Utah Business Consultants today.