Selling your company for a big payoff is every business owner’s dream. But, allowing the wrong buyers to come to the negotiation table can spell doom for your destiny.
Let’s take a look at some of the steps you can take to ensure a successful deal with a well-qualified buyer.
1. Locate All Potential Buyers
Buyers can be hiding anywhere. They may even be in your existing workforce. Consider all of the different places you might find a buyer for your business.
Choosing to sell your business to someone who already works for you is a great way to ensure it has a successful future long after you retire. You may need to come up with creative strategies to help them buy you out, but when you’re rooting them on from the sidelines it can be quite rewarding.
2. Qualify Your Buyers in Advance
Before you get into negotiations and start working through the details of a deal, you need to make sure you aren’t wasting your time.
As a business broker, I make sure to qualify all potential buyers for your company before I even show them the details. At the same time, I also make them sign a confidentiality agreement.
3. Maintain Confidentiality Throughout the Process
If a potential buyer breaks your confidentiality, they can share secrets with your competitors that devalue your company.
But even if the breach isn’t that serious, letting the cat out of the bag too early about your business can be detrimental to your deal.
Telling your employees about the sale of your business at the right time is key to keeping your workforce together. Without a workforce, you won’t have a company. So, make sure you take your confidentiality seriously.
4. Know What You Need in a Deal
There are a lot of different ways to structure a deal to make it work for both yourself and a potential buyer. If you have found someone who would be good for your company, but don’t know if they have the funds to make the purchase, consider restructuring your deal.
As experienced business brokers, we can help you come up with creative solutions. Don’t let the right buyer disappear, let’s find a way to make this deal work.
5. Choose Someone With a Vision
The last thing you want is to spend your retirement watching someone drive your business into the ground. Make sure your buyer has a strong vision for the future and the fire to make it happen.
For More Help Selling Your Business
Now that you know what to look for in a good buyer, it’s important for you to have a business broker on your team to help you put together a deal that works for everyone.
Contact us today for assistance.