10 Steps to Sell Your Business Without a Broker

Selling your small business without a broker can be a daunting and complex task. But with the right guidance and information, it is possible, and can even be advantageous to you. In this article, we will answer the question “how do I sell my business without a broker?” by providing a 10-step guide to help you through the process.

How do I sell my business without a broker?

STEP 1: Get a Business Valuation
Before you begin the sales process, you will need to get a business valuation to determine the worth of your business. This can be done with an online valuation tool, or with the assistance of a professional business broker.

STEP 2: Talk to Your Attorney and CPA
Once you have a business valuation, it is important to speak with your attorney and CPA to understand the tax implications of selling your business. This will help you make an informed decision about the sale process and prepare you for any potential legal or financial issues that may arise.

STEP 3: Prepare Your Business for Sale
Before selling your business, it is important to research similar businesses for sale in your region. Collect the numbers and add them to a spreadsheet to create a shortlist of potential buyers. You should also speak with people in your professional network and ask business peers, attorneys and CPAs if they know of any potential buyers for your business.

STEP 4: Make Sure Your Financial Records are Buyer-Ready
It is important to make sure that all your financial records are up-to-date and buyer-ready. This includes your balance sheets, income statements, tax returns, and other critical financial documents.

STEP 5: Valuate Your Business
The next step in the process is to valuate your business. This includes assessing your assets, liabilities, and any intangible assets that could affect the value of your business.

STEP 6: Qualify Potential Buyers
Once you have determined the value of your business, it is important to qualify potential buyers. This includes researching their background, financial history, and any other relevant information that will help you make an informed decision about who to sell to.

STEP 7: Draft and Sign a Letter of Intent
Once you have identified a potential buyer, the next step is to create and sign a letter of intent. This document outlines the terms of the sale and is legally binding.

STEP 8: Prepare for Your Exit
Before you exit the business, it is important to make sure that everything is in order. This includes handing off responsibilities to your successor, training your staff, and preparing for any potential legal or financial complications that could arise.

STEP 9: Determine Your Valuation & Asking Price
Once you have prepared for your exit, it is important to determine your valuation and asking price. This should be based on the value of your business, as well as market conditions.

STEP 10: Market Your Business Sale
Once you have determined your asking price, it is important to market your business sale. This includes creating an online listing, reaching out to potential buyers, and using social media to generate interest in your business.

STEP 11: Negotiate the Sale
Once you have identified a potential buyer, it is important to negotiate the sale. This includes discussing the terms of the sale, such as the purchase price, payment terms, and any other conditions that must be met.

STEP 12: Finalize the Sale
Once you have negotiated the sale, it is important to finalize the sale. This includes signing the necessary paperwork and transferring ownership of the business to the new owner.

Selling your small business without a broker can be a daunting and complex task. But with the right guidance and information, it is possible, and can even be advantageous to you. Atlantabusinesses.com is a great resource for answers to your questions about business brokers and about selling a business in Atlanta.

What steps do I need to take to sell my business without assistance?

If you’re thinking of selling your small business, bear in mind these seven steps to make sure you are in control of the process: 1) Estimate the worth of your business; 2) Put your company’s financials in order; 3) Have a plan in place before you go; 4) Increase sales; 5) Engage the services of a business broker; 6) Screen buyers in advance; and 7) Put all your business agreements in order.

What is the quickest way to sell my small business?

1
Create a confidential summary of your business. …
2
Advertise your business in a discreet manner. …
3
Check out potential buyers and send them your summary. …
4
Provide information and talk to interested buyers. …
5
Come to an agreement and accept an offer. …
6
Go through the verification process. …
7
Finalize the sale.

What is the best way to quietly sell my business?

Create an NDA that does not include any details or information that could identify your business before it is signed by the prospective purchaser. Make sure to include a clause that guarantees secrecy from both sides and add an expiration date to the agreement.

What steps do I need to take to sell my entire business?

…

1. Ensure that financial records are kept up-to-date and organized. Determine what your business is worth.
2. Engage the services of a trustworthy intermediary.
3. Identify a potential purchaser who has been vetted.
4. Finalize the contracts and complete the sale.

from Atlanta Businesses https://ift.tt/BHU4Fac