What Goes Into Selling A Business In Phoenix
Selling a Phoenix business is much harder than it looks. It would be great, if you could just wake up one day and decide, “Today I am going to sell my business!” And then, you sell your business. Reality is far from it. Selling a business, in Phoenix or elsewhere, is an involved and complicated process.
I really enjoy helping Phoenix business owners sell their companies. However, the negotiations that go on between buyers and sellers can be very stressful at times and are not for the faint of heart or even for someone who is used to being “in control”, i.e. business owners.
Relinquishing “power” and allowing your business broker to be “in charge” can be a challenge for many who are looking to sell their Phoenix business.
There are many services that I can offer my clients that would not be available to them if they attempted to sell on their own.
For example I will assist them in creating a Most Probable Selling Price Valuation or MPSP for short. It is essential that the seller remains realistic about the market value of their business, even if sentimental values and memories may be attached to it.
I will also assist you by conducting buyer research. This means, coming up with a plan to target the most probable group of buyers who would be interested in investing and purchasing your business. Additionally, I will screen all potential buyers to make sure you are not dealing with scammers and those people who will waste your time.
Keeping the sale of your business confidential. I cannot stress the importance of confidentiality enough. On the seller’s and buyer’s side. All prospective buyers have to sign a confidentiality agreements before any information about your business is divulged. This helps protect your business and the entire transaction by keeping the news of a pending sale from spreading to your employees or competitors.
Maintaining Confidentiality During The Purchase Or Sale Of A Business
You will also need a Confidential Business Review (CBR) on your company that can be handed to potential buyers. This documentation gives prospective buyers important information about your company. Part of what I do for you is to put this packet of information together.
The Role Of The Broker
My job is to make the business sale less stressful for you. Years of experience as a business owner and business broker, have given me a thorough understanding of the transaction process as well as what to expect from sellers and buyers.
Sure you could sell your Phoenix business on your own, but I am in the know about current market trends, can screen your buyers for financial validity and have the resources to market and advertise your business in an effective and appropriate manner.
As your business broker, I can prepare and evaluate necessary paperwork, negotiate the price, arrange for showings and much more.
Some of the behind the scene battles exasperate the best of us. Ruffled feathers must be smoothed, incorrect thinking must be handled with finesse, and dealing with insulting offers are all part of business sales. I handle all of these things for you.
Dispelling Myths And Falsehoods About Business Buying And Selling
I also try protecting you from unintentionally harmful advice. Sometimes a friend, or family member, will try to advise buyers and sellers on price or other issues, but most of the time they are dead wrong about whatever they are trying to be helpful about.
And then there is nervousness on both sides… Sellers will ask themselves, “Should I be selling?” and buyers will ask themselves, “Am I paying too much for this business?” I feel at times that I’m a psychologist trying to keep everyone calm, but that’s ok because I have been helping people buy and sell businesses for a long time and I’m used to all of the emotions on both sides and I have become very good at negotiating and navigating the sometimes stormy waters of business sales.
What makes the selling process tough as well, is when the seller doesn’t promptly provide me with ALL of the information the buyer requests for their due diligence. Not providing the requested information in a timely manner can slow the process down or even kill the deal.
You are not making your business more interesting by withholding information, instead you may come across as standoffish and shady. Sometimes, I have to urge the seller to put himself (or herself) in the shoes of the buyer. What would you expect? What information would you want?
Don’t let your emotions cloud your judgment and have unrealistic expectations. That is why hiring a Phoenix business broker to sell (or buy) your business is a great way to go.
How To Select & Evaluate Your Business Broker
Of course, you should make sure that you select a business broker who knows what he is doing and has the qualifications needed to facilitate your sale. I am able to provide my clients with top service because I am a Certified Business Intermediary and always strive to stay abreast of current trends and issues that can affect the business sales industry.
To learn more about how I can assist you in selling your Phoenix business or to discuss the possible purchase of a business, contact me today at 480-707-7721 or by emailing me at [email protected]. I look forward to helping you!
7077 E. Marilyn Road, Bldg. 4 Suite 130
Scottsdale, AZ 85254