So you’ve decided to sell your business. Perhaps you’re a baby boomer and are looking to fund your retirement, or you’re just looking to move onto another line of work. You think you might be able to sell it on your own, but the reality is that few business owners have the necessary time and expertise to execute a successful business sale while they operate and try to grow their business at the same time.
Therefore, to ensure that your business sells for a fair market price and to maximize the outcome of your sale, you should turn to a team of people that includes your accountant, a trusted attorney and an experienced business broker who knows about businesses for sale. Chicago, in particular, is one city that has many such professionals whose services can prove invaluable to you as a business owner.
Using a Broker
Business brokers act as your advisor and can offer in-depth insights into marketing, valuation, negotiations and other important aspects of the selling process. Also, they have extensive experience in the business so that they understand about legal, financial and operational issues so that they can make businesses for sale more attractive as an investment. As facilitators, they help to streamline the process so you can continue to operate your business while they concentrate on selling it.
When it comes to businesses for sale, brokers who are experienced have several other important qualities. They know how to get multiple qualified buyers to the table for any given business sale. When this happens, the seller has a better chance of getting the fair market value of their business and run less of a risk that a sale is never consummated. They also know how to overcome the many obstacles that can often prevent a sale from closing, including personal emotions and not keeping on the track that can waste time and kill deals.
Take the First Steps
When looking for a broker, you should make sure that you are comfortable enough to speak honestly with him or her and that they will do the same with you. Also, your broker should be a trusted adviser in the community and respected by his peers and may be someone who has given back to the community in some way. Finally, having certain professional credentials and certifications can assure that they have met certain professional standards and are accountable to their peers.
Sun Acquisitions is a mergers and acquisitions firm based in Chicago with over 15 years of experience, specializing in helping people confidentially buy and sell privately held firms across all industry sectors. Our team of brokers are mostly former successful business owners who are completely dedicated to helping people buy and sell businesses.
