It is very important for any entrepreneur who wants to make sure they get top dollar when they are selling their business to be aware of all aspects of this process before even thinking about putting up “For Sale” signs. This entails looking at valuation metrics, knowing where one’s strengths lie and more importantly – where one’s weaknesses are. Let’s dive right in…
Selling your business is something that can be different from any other type of sale. This task may seem simple, but it is actually one of the toughest things to do because you have many variables and aspects about your life at stake if this goes wrong.
You don’t get just money for selling or buy out shares in companies. There is complex ‘living organisms’ like staff, premises, leases, clients and suppliers involved as well, which make up your whole life’s work.
We often hear people say, “I’ll just sell my business cheap!” Well, I’ve got news for you – it’s not like selling a car! Business sales are more complicated than that. It can’t be boiled down to the price alone. There are many aspects involved in any given business sale (how do you value goodwill?) so don’t give up hope if your idea of an easy solution doesn’t work out right away because there are always other options to explore.
Table of Contents
Selling Your Business Process
A good business broker will always explain the process of selling your business and discuss the journey that you will embark on. We also go into detail about all possible issues associated with selling a company. It is important to consult us before starting this endeavour because many people don’t know what they are doing when it comes time to sell their company!
This could lead them down an unproductive path which ultimately ends in frustration due to something they didn’t think was going happen but does anyway, such as not meeting deadlines for payments or having too much inventory left over after closing up shop.
Many sellers who do not consult with a professional broker “don’t know what they don’t know yet,” so blindly proceed without one at your own peril.
Why Use a Business Broker
It was seeing first-hand the problems that can happen when selling a business and wanting to help those who found themselves in similar situations. When I ran my own company and mentored other entrepreneurs, it became clear how much easier things could be if they were run well from the first day. So, I decided to try being involved in brokering sales of businesses as one way of helping people avoid some common hurdles associated with this process – which is why becoming a professional business broker has always been so important for me personally!
When some business owners tried to use advisors, who were very good at their particular area of qualification but are not qualified and experienced Business Brokers, they usually did not end well. In most cases, it is better for an owner to try selling the business themselves or with only one advisor (who has experience in this particular field).
The value of the average Australian small business is $1M. In order for an owner to be able to sell that company, they need a professional Business Broker who understands their needs and can handle each part of the process in such a way which will get them more money than they would if they pursued the sale on their own.
Selling a Business Misconceptions
It is a common misconception that all business brokers only work with businesses valued at over $1 million. This couldn’t be further from the truth and often times these SME’s are left feeling like there’s no one out there who will help them to sell their company, which leads many of them not even bothering trying to find someone as they just know it won’t happen anyway.
The best way to ensure a successful sale is managing the expectations of both parties. This can be done by laying out all aspects up front and making sure they are satisfied with what you’ve disclosed before moving on in negotiations, while also ensuring their emotional desires for this process are also fulfilled. Keep them informed throughout so that they feel like an active participant in the journey rather than just stepping aside as passive observers waiting until something good happens!
We will help you nudge your potential buyers together to see how the business might fit within their criteria and what is possible. We can also advise on mentoring and operating businesses. We also have inroads with accountants, solicitors and other qualified professionals who understand the issues arising from their professions standpoints so can work alongside them for solutions.
Marc Phillips Business Broker has a clear marketing process and has learned through trial and success, there are no shortcuts to a successful sale. He makes it his personal mission to help every seller get the best possible price for their business in South East Queensland because he knows that when you’re selling your business, time is also an invaluable commodity.
The final decision is yours but enlisting the services of a business broker and consulting with them about your options can be helpful in making this difficult choice. If you’re unsure, give Marc Philips a call to discuss what he believes will work best for you and get some professional advice on how to make that happen. He has been selling businesses for over fifteen years, so if anyone knows what it takes to sell your company and achieve the highest price possible, it’s him!
We are confident he can help you find an option that works well for both parties involved. Contact us today!
Selling Your Business for the Best Possible Price
Sydney born, having spent six years serving the community as a New South Wales Police Officer before deciding to relocate to the UK where he pursued his passion for sales, the financial markets and the real estate industry.
15 years as a licensed agent, ten of those years in fast-paced markets of the USA and the UK, Marc is an expert in business brokerage.
Business owners are invited to consider Marc when seeking a business to buy or sell in Queensland with local knowledge in the South East Queensland market including Brisbane, Gold Coast, the Sunshine Coast and the Darling Downs.
Local knowledge and surgical negotiation skills mean a keen eye on every detail. Marc has a profound knowledge of legal frameworks in all aspects of business acquisition and sales process.