Having a loss in business can be a catastrophe. You might have to sell your business. Well, selling a small business can be tedious, especially when you have no knowledge or experience about the process.
You can hire a broker to do the job on behalf of you. But if you can’t afford to hire a broker and are willing to invest all your effort and time; here are some tips to help you sell your small business quickly.
1. Determine the value of your business
The most important and initial step is to determine the value of your business. After evaluating all your assets, liabilities, and financial statements, you can only decide on the asking price. If you are having trouble, you can even seek help from a professional business appraiser who determines the value. After evaluation, you can set a realistic price for your business.
2. Prepare your business for sale
The second step is to announce the sale of your business on the market. However, ensure you have made the necessary repairs, cleaned up your premises, organized your financial records, and completed all your legal formalities.
3. Market your business
At this point, you need to attract the buyers. You can opt for different tactics, such as advertising your business on online marketplaces, social media platforms, and industry-specific websites. You can even use your contact list and inform them about the sale of your business.
4. Negotiate the sale
After you have done advertising, you may find potential buyers. Now here comes the negotiation part. You can agree on the purchase price, payment terms, time duration, and any contingencies.
5. Complete the sale
Once you and the other party have agreed on all the terms and conditions, get ready to complete the process. Complete the paperwork, including transferring licenses and permits, and transferring ownership of assets, and transferring ownership of the business.
Final Thoughts
Selling a small business without a broker is tough, but you can make it possible with subsequent effort and attention to detail. Have patience, follow the above tips, and you can successfully sell your business without paying a hefty amount or hiring a broker.