Selling a Business
What are the Options?
The decision to sell your business is a milestone. Selling a business that you have worked so hard at and so long for is difficult for many people. However, when you do decide that the time is right to sell then you must do everything you can to ensure that you get the best value for your hard work. There are different routes you can take to selling a business. You can use the services of a professional business broker, try to sell it privately or try some different avenues. This article will quickly explore the different ways to go about selling a business and hopefully it gives you some insight into the process.
Business Broker
Using a business broker to help you sell your business is an excellent step to make. Business brokers are professionals that specialize in the business sale transaction. Brokers are licensed in the Province of Ontario and must undergo educational qualifications in order to be able to buy or sell businesses. Brokers help business sellers in many different ways:
- Helps determine the selling price of a business
- Maintains confidentiality throughout the process
- Screens potential buyers for you
- Finds a buyer
- Helps facilitate with buyers
- Is a go-between for the buyers and the sellers
- Provides professional input
A business broker is the professional that specializes in business sales. If you are looking at selling a business, consulting with a broker would be a great first step.
Suppliers or Employees
If you are not overly concerned with maintain confidentiality when you are selling a business then you may consider talking to your employees or suppliers to see if there is any interest in purchasing the business. There are some great advantages to selling to suppliers or your staff – they know the business, they are familiar with the customers, there would be minimal training involved, due diligence might be a lot quicker and you already have an existing relationship with them.
Word of Mouth
If you have a large enough network you might find that someone you know is in the market to buy a good business. Obviously you must not be concerned with confidentiality if you go down this route. Many times friends, neighbours or church members are in the market to do something entrepreneurial and just need the impetus to take the plunge. Spreading the word that your are selling a business might be the nudge that is required to get an offer on your business.
Trade Magazines or Groups
If you are a part of an industry that has a trade group or publication that comes out that might be a good option for you to advertise that you are selling a business. Many time your competitors might be looking to expand their operations or get some synergies by buying a similar company so this might be a good resource for you to explore.
When you think it’s time to sell your business please think through all the options carefully and choose what makes the best sense for you.
Contact us if you think you're ready to sell. We serve the Golden Horeshoe area including Toronto (GTA), Mississauga, Oakville, Burlington, Hamilton, St. Catharines and Niagara Falls.
Ontario Business Brokers
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Article Source: ArticlesBase.com - Selling a Business