If you’re a business owner who’s looking to sell your business, you are sure to have lots of questions about what to expect. When it comes to dealing with such a life-altering decision, it’s best to consult a professional business broker who can provide objective advice about taking the appropriate steps for your personal and professional goals.
At Murphy Business, we’re proud to be there for business owners when they need us most. You can count on our brokers to answer all of your questions before you make any tough decisions about selling your business. In addition, we’ll guide you every step of the way during the negotiation process.
Below, you can find some of the most frequently asked questions we receive from business owners. While every situation is different, we hope that this information can help clarify any concerns you have as you embark on the journey of selling your business.
How should I go about selecting a business broker?
When it comes to choosing a broker, interviews are the best way to assess whether or not a particular individual is going to be able to meet your needs. First and foremost, you’ll want to select a broker who is easy to communicate with. This quality is going to be very important throughout the process of selling your business.
It’s also a good idea to choose a local business broker who has national connections. For example, at Murphy Business, our brokers are experts in their local markets but have extensive access and resources through our international organization. Finally, ensure any broker you work with is willing to provide referrals to professionals who can share their experience with you.
How do business brokers find buyers?
With Murphy Business, finding a serious buyer isn’t a struggle. That’s because we maintain a large network of buyers through our far-reaching organization. Our goal is to find a qualified buyer who shows genuine interest in your business, is prepared to pay market value, and is ready to move quickly toward the final sale.
Some of the ways we go about doing this include, marketing listings in leading publications and searching via associated industries. Since we maintain national and international affiliations with business brokerage associations, we are able to reach a large pool of buyers and narrow down the interested parties to those who are the best fit for your business.
How long will it take to sell my business?
Every business sale is different, so it’s best to refrain from setting expectations regarding the length of time required to find a buyer and finalize a sale. That being said, the average transaction length is between 6 to 9 months, while more complex sales can take around a year.
There are a number of factors that go into this calculation, from the time it takes to determine the value of the business to the number of buyers available and obstacles associated with acquiring financing. Whether your journey is quick or a little more lengthy, you can rely on us to help you make sound decisions that you’ll be satisfied with well after the ink has dried.
What are the first steps of the selling process?
Selling a business isn’t as simple as posting a few pictures and a quick description online. There’s actually quite a bit of research that must be conducted in order to put your business on the market. First, you’ll need to evaluate your business operations and analyze your financial records. This ensures all of your ducks are in a row and clarifies the different strengths and weaknesses your business presents.
Through a Business Valuation and Market Analysis, Murphy Business Associates will help you gather the documents needed to formulate an asking price and come up with a deal structure. Not only will we help prepare you for a successful sale, but we’ll also work to maximize your market potential.
To learn more about how one of our local business brokers can help you sell your business, call Murphy Business today at (888) 561-3243.