Working well with your business broker can make a huge difference in pricing for your company. Let's break down how to get engaged and how a business broker will best work with business owners to provide qualified business valuations.
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What they usually do first is get to know about the owner. We want to make sure that entrepreneurs really want to sell. So we analyzed not only the business when you first signed up, but also your goals and why you sold.
I used to work with an office supply distribution company that made hundreds of thousands of dollars a year. And I said, don't your kids want this business? Finally, we met the kids and convinced them to stay in business. It costs me a commission, of course, but it's the right thing.
It's a long process in selling your business. It will take at least nine months – maybe six months if you're lucky – to over a year. People don't go through this process if they really don't want to sell, or if someone else in the family wants to take over the business.
The first thing we do is do a complete business analysis or life analysis to understand where you are in your life and why you want to sell. And once we've made a decision, we'll sit down with you and give you an idea of what we think your company will sell in the market.
Then we committed to selling the business. And then we pack up the business for sale and put all the paperwork together. Sometimes we collect books. We perform all the valuation techniques to show buyers how and why we set the strike price and bring the deal to market.