Can Selling Your Business be a DIY Project?
Posted by Jennifer Smith on
Business owners often consider trying to sell their business themselves. For some people, this may be a viable option, but for most it isn’t a wise business decision. There is a lot that goes into the complicated, time-consuming process of selling a business. When you hire an experienced business broker, here’s what we do for you:
- Determine if the business sellable
- Perform a valuation so you know what it is worth on the open market
- Prepare the listing agreement
- Prepare a confidential memorandum to send to potential buyers with information about your business
- Market the business blindly and nationally
- Prequalify buyers and have them sign non-disclosure agreements
- Facilitate buyer/seller meetings
- Prepare an offer to purchase
- Handle negotiations
- Facilitate due diligence
- Secure financing for the buyer
- Prepare closing documents with a third-party attorney
- Escrow funds
- Close the transaction and facilitate payment to seller
To learn more about these steps, watch this video with our business broker, Jennifer.
If you are comfortable completing all of these tasks professionally and confidentially while still running your business, you might be able to pull this off yourself. If you’d rather partner with an experienced business broker who will guide you through the process and spend their time focused on your deal while you keep the business functioning well, give us a call.