When it comes to working with brokers for small business, you’ll want to be certain you have all your ducks in a row. Eventually, no matter what you do, there will come a time that you have to sell, transfer, or close your business. When that time comes, you’ll want to be prepared. Good preparation will ensure a smooth transition and, more importantly, it will help you get the most value out of your business.
But, what can you do to be ready for this eventuality? How can you take steps right now, today, to work toward a hassle-free and lucrative future? In today’s post, we’re going to provide a number of tips that will put you on the right track.
You never know what the future holds. When the time comes to sell your business, either on your own or using a broker for small business, it will be easier if you’ve created a plan. Before you exit, you’ll want an ongoing growth strategy in place, crosstrain your staff where appropriate, tidy your books, and review all of your contracts.
If your business generates most of its revenue from a small handful of clients, you may not be able to realize its full value when you sell it. In most cases, a long list of small clients is preferred to a short list of large clients. Because client retention can be unpredictable during ownership changes, buyers want to see that your business can endure the loss of some clients. Additionally, heavy client concentrations in one or two industries can detract from the value, make sure to broaden your client base in both size and industry for maximum benefit.
When you’re ready to sell your business, shop around for the right broker. In most cases, a good business broker will pay for themselves. Try to find a broker with experience that focuses on business transactions, one who has worked with businesses of your size, and one that understands the local, regional, and – if necessary – national market. Give yourself a lot of time to go through this process, as all research you do will pay dividends when it comes time to sell.
At Advanced Business Brokers, we pride ourselves on our ability to help small- and medium-sized businesses realize their true value. If you need help valuing your business or taking steps to sell, don’t hesitate to reach out to us.
If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.
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