Lucido Global Business Brokers

Lucido Global Business Brokers

Adding Value, Creating Wealth

  • Home
  • About Us
    • About Us
    • Suite of Services
    • Our Team
  • Buying a Business
    • Buying a Business
    • Buying a Business Tutorial
  • Selling a Business
    • Selling a Business
    • Selling a Business Tutorial
  • Visas & Immigration
  • Businesses For Sale
    • Featured Businesses
    • Florida Businesses
  • Blog
  • Contact Us

7 Big Questions to Ask Yourself Before Moving Forward

By Rod Burns Jun 22

The first step towards successfully selling a business is finding a qualified business broker to work with.  Sellers should also ask themselves an array of important questions.  A recent article, “7 Questions to Answer Before Selling Your Business,” published by Good Men Project, has a great overview of questions sellers should answer before moving forward.

Author Troy Lambert believes that at the top of the list is one very simple and powerful question, “Are you ready?”  For example, your financial reports should be ready to show.

The second question is, “What’s it worth?”  Determining what a business is worth means you’ll need a professional business valuation.  A great deal can go into evaluating your business and you need an expert to help you determine that value.

Third, Lambert believes that prospective sellers should ask themselves, “How’s the health of my industry?”  He emphasizes that honesty is key here for a variety of reasons.  If your industry is in a transition period, for example, then it might be better to wait until a better time to sell.

The fourth question on Lambert’s list is, “How long will it take?”  In short, you need to remember that selling a business can take a long time.  Successfully selling your business may even mean that you have to stay on and work with the new owner during a transition period.

The fifth key question is, “Who is my buyer?”  You don’t want to waste a lot of time with potential buyers who are simply not a good fit.  Finding the right buyer for your business helps to ensure that a deal will be finalized.

Sixth, Lambert wants sellers to think about how they will get paid.  Are you willing to finance part of the deal?  What about balloon payments over time?  Understanding, before you put your business on the market how you want to be paid and how flexible you can be in terms of payment is essential.

For most sellers, selling a business will stand as the largest financial decision of their lives.  With this realization comes more than a little pressure.

Considering the enormity of the decision, having good advice is simply a must.  A seasoned and experienced business broker understands what it takes to buy and sell a business.  Working with a business broker is an easy and efficient way to begin the process of selling your business.  Brokers know what it takes to successfully sell a business and can help you answer these questions and many more.

Copyright: Business Brokerage Press, Inc.

dolgachov/BigStock.com

Categories: Seller Articles, Seller FAQ, Selling a Business

Prev
Next

Featured Businesses

Subscribe to our Newsletter

No worries, your information is safe with us. We hate spam too!

From Our Blog

Ownership Transition Survey Results

January 15, 2021

Mass Mutual Life Insurance produced an ownership transition survey back about a decade ago.  The … Read More »

The Importance of Owner Flexibility

December 18, 2020

You shouldn’t expect to sell your company overnight.  For every company that sells quickly, there … Read More »

Getting the Most Out of Confidentiality Agreements

December 12, 2020

When it comes to buying or selling a business, there is no replacement for a solid confidentiality … Read More »

How to Optimize Your Chances of Selling Your Business

December 5, 2020

The simple fact is that selling your business is likely to be the single most important financial … Read More »

Insights from BizBuySell’s 3rd Quarter Insight Report

November 28, 2020

Most business buyers and sellers are wondering what 2021 and beyond will bring.  BizBuySell and … Read More »

Zeroing in on Goodwill

November 24, 2020

Goodwill is a term that might cause a little confusion for some.  But at its heart, it is a … Read More »

Global Business Brokers

Contact Us

Lucido Global Business Brokers
Keller Williams Coral Gables
550 Biltmore Way PH II A-B
Coral Gables, FL 33134
Office (305) 662-7325
Direct (954) 913-5464
rod@globalbusinessbrokers.net

Adding Value, Creating Wealth

  • Ownership Transition Survey Results
  • The Importance of Owner Flexibility
  • Getting the Most Out of Confidentiality Agreements
  • How to Optimize Your Chances of Selling Your Business
  • Insights from BizBuySell’s 3rd Quarter Insight Report

Join Our Team

Copyright © 2021 Lucido Global Business Brokers
MENU
  • Home
  • About Us
    • About Us
    • Suite of Services
    • Our Team
  • Buying a Business
    • Buying a Business
    • Buying a Business Tutorial
  • Selling a Business
    • Selling a Business
    • Selling a Business Tutorial
  • Visas & Immigration
  • Businesses For Sale
    • Featured Businesses
    • Florida Businesses
  • Blog
  • Contact Us