Join Naomi Simson for an in-depth discussion in this video Finding a buyer, part of Selling Your Small Business.
- Of course, critical to your success…in selling your business is finding a buyer,…but you don't have to do that alone.…In fact, it's quite important you don't,…because you're in love with your business…and part of the purchaser's role is to beat you down…and tell you all the bad things about your business,…which can be really heartbreaking.…So this is the time to find some independent person…who can support you in selling your business.…Now, in a small business, you'll tend to use a broker,…somebody who's done this time and time again.…Depending on the size if you're a little bit larger,…you're going to use an investment bank…or a corporate advisor.…
There's different sorts of people,…and they also structure their fees in different ways…depending on the sorts of business that you are selling.…So it's important that you research your brokers…and you find out who's done what for whom.…You do want somebody who's got a great reputation…and has worked in your sort of industry before.…You don't want them to learn on your business.…
- Recognize the best conditions for selling your business
- Identify the ideal strategic timing for making the sale
- Recall the key components in a vendor due diligence
- Explore the components of a successful sale outcome