There are many different aspects of a business sale in Seattle. There is always the emotional connection that the business owner will have to the enterprise he or she has built, but there can also be very real need to move on to something new or different in their life.
When deciding to place a business for sale the business owner needs to spend some time considering a few basic points. These include:
- The amount of money they need from the sale to move forward in life
- The amount of time and effort they want to spend to get the business ready for the sale
- The type of professional service they want to market and manage the sale
Unfortunately, those three factors often lead to some serious mistakes that can impact the process and limit the seller’s options.
Fair Market Price
Any business owner with a business for sale has a number in his or her mind about the value of the business. This is typically not an accurate value as the owner has that emotional connection to the business and may see value in parts of the business that is simply not there.
Placing a business on the market based on the owner’s perception of the price is a very big mistake. It is better to have a top Seattle business broker complete a valuation and then use that figure as a starting point in determining a fair market price.
Not Preparing the Business
Just like a home needs to be prepared for a sale, so does a business. For the business, the improvements are often not cosmetic but rather in the internal working of the business and in firming up the business model.
This is something that may be very new to a business owner. After all, he or she developed their own business management system as the company grew, so it seems effective and practical from this perspective.
This is another area where a professional business broker can be a real asset. Working with the business owner these upgrades and changes can be implemented to provide a clear picture of the business for prospective buyers.
Finally, not having the right professional as the broker for the business for sale is going to a very big mistake. Look for a company with experience, a solid reputation and a history of helping small business sales in and around the city.