Working with the right broker can help you on many fronts, but you might have legitimate concerns about if the business doesn’t sell. It takes a lot of work to organize all aspects of your company and to set them up for the business to be sold to a new buyer, all of which might feel like effort extended for no ROI if the business doesn’t sell.
Choosing the right business broker from the getgo increases your chances of having a realistic perspective on what to expect in the process of selling your company. A broker will take a thorough look at all the key information for your business, such as the finances, the revenue, the stock, the employees, and more.
A good broker will have been in this business for years and will know the typical trajectory of selling your company. While a business broker can’t promise that your company will most definitely sell in a certain period of time, a good broker will be able to point out when there are circumstances showing that now might not be the right time to sell.
You might discover in your initial conversation with a business broker that there are elements of your company that should be improved before you list it. While you might have already reached the mental place where you want to exit the company as soon as possible, knowing that you have some work to do can increase the possible profit you get.
If your business doesn’t sell because of some things that you could have fixed beforehand to make it more appealing, you’ll be kicking yourself for not spending the time making sense of the broker’s recommendations.
Brokers work in this space every single day- they know the common reasons that deals fall apart, too. This means that if you have a business broker who alerts you to a red flag, make sure you take that into consideration before jumping into the listing and sales process.
Sometimes it’s things that you could fix with a little bit of effort and they go a long way. Definitely pay attention if the broker informs you that based on your business valuation, you have the potential to improve your listing and sales price with a little bit of elbow grease.
Even if you think there are plenty of great things about your business, that might be from your perspective rather than the buyers. For that reason, you need to take the broker’s advice seriously so that you don’t have to worry about what might happen if the business doesn’t sell.
It’s better to capitalize on forward momentum to list your business for sale by doing things right the first time around. Buyers might be curious about why your company was listed once with no final action- make sure that you’ve considered all aspects, including current market timing, when setting yourself up for success to list your company for sale.
Don’t find yourself in the position of trying to figure out what to do if the business doesn’t sell. Talk to a trusted business broker today.