Benchmark Business Group

Selling a Business Newsletter - Page 3

Planning to Sell? How to answer THE most important question

Many business owners believe the act of selling their business is similar to passing the baton in a 400 meter relay: once you're finished running, you get to relax. In reality, most buyers will insist that even though they're now holding the baton, you need to stay on for a transition period. During this time, anywhere from three months to three years or more, you continue to work in your business to help the buyer capitalize on the investment they're making. Each deal is different; however, there is always a timeline that needs to be agreed upon, where your knowledge, experience and expertise is available.
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Buyers Love Consistency

Run your business like you're going to sell it - Sell your business like you're going to keep it.

Until you can slap a SOLD sign on your business, you need to run it like you're going to keep it. Buyers love consistency and will pay top dollar for it! Any hint of a decrease in the key activities that determine the success of your business will be a red flag to buyers. 
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5 Reasons to Sell Your Business Now

Too often business owners fall into the trap of waiting for the "perfect time to sell." Most often this is described as a time when the market would be willing to pay the highest price for their business. After all - who wants to sell when the economy isn't peaking, when there's a likelihood you can't get top dollar for a business?

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The Emotional Roller Coaster of Selling a Business

Even the most stoic business owner has emotional ties to their business. Years of hard work, long hours and late nights, giving your business what it needs creates an emotional connection. That emotional connection, in combination with the uncertainties of selling a business, can be a ticket to an emotional roller coaster ride through the sales process. 
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Handling the Lowball Offer

When you put your business on the market it's not unusual to receive at least one offer that is much lower than you are willing to consider. Some buyers start low, hoping for a yes, then begin to negotiate price and terms with the seller. While extremely low offers can seem so ridiculous that you may initially feel insulted - they can be the start of a rewarding negotiation.
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Seller's Opportunity Zone

Most business owners ready to sell their business have an idea of how much money they would like a buyer to pay them for their business. While having a clear idea of the financial offer you'd be happiest with is important, there are several other dynamics to consider, ensuring the deal you strike with a buyer meets your needs, and theirs.
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Your Ideal Deal Team

Assembling the best professionals to form your Ideal Deal Team is key to successfully navigating the often unpredictable and turbulent journey of selling your business.
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My Baby is Not Ugly!

For most business owners, their business is their baby. You have great expectations and work hard to ensure your baby will have the best possible future. Regardless of how old your baby is, you lose sleep, nurture them through rough times and celebrate the great times. You buy them expensive items so they can look good and have the latest technology. You become very invested emotionally, and financially, in your business.
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