Published : 28 July 2015
Many people would happily sell their home privately but baulk at the idea of doing the same with their business. Yet it is just as simple and straightforward as selling a property!
Don't get me wrong - whichever way you do it, selling a property or a business is a stressful experience. In fact, psychologists say selling your home is right up there with divorce, job loss and the death of a loved one in the top most stressful life events.
But if you work with the experts, a lot of that stress can be alleviated. And by experts, I don't necessarily mean real estate agents or business brokers!
In fact, if you own and run a business you should have all the skills needed to sell it!
Of course, as with your home, there is an emotional tie to your own business, and you want it to go to the right person. You want to find the 'perfect' buyer - a person who can not only match the asking price, but will pick up where you left off and continue to grow and expand the business you have worked so hard to build and establish.
You also want the contract of sale to progress smoothly and the money to exchange hands so you can move onto your next venture.
If only everything was that simple! Well, it can be by choosing the right people to work with.
A specialist organisation/publication like Coast to Coast Media has many years' experience in marketing clients' homes and businesses WITHOUT charging those huge fees and commissions.
In fact, Coast to Coast has been giving sellers the tools to sell privately for over 37 years.
They do this through print (specialist magazine) and online (Internet listings), as well as offering a fantastic Buyer Matching Service and a team of experts, including graphic designers and writers.
One important thing to remember when marketing your business, is that not everyone is a genuine buyer! A lot people are just interested in your business because they want to know how it operates, what type of money you make, how many staff you have on board, how many hours you work etc. Perhaps they want to establish their own business and hope to copy your good ideas!
So, even if you are using a confidentiality agreement, be very careful about who you share financial or other important information with.
Probably the most important piece of advice is NOT to put your business on the market until you are completely sure you wish to sell, and you have everything in order - including financial records, confidentiality agreements, valuations etc.
One thing is for sure - if you decide to sell your business privately, and you enlist the help of the right people, you will definitely save a substantial amount of money.
And by avoiding a broker’s commission, you can set a more attractive asking price, to ensure a quicker sale.
Advertising your business for sale with Coast to Coast Media will be a fraction of the price of a broker and allows you to be in control of the entire process.
That's why selling a business privately is now the first choice for many business owners.