For whatever reason you’re selling your business, you don’t seem to be having much luck. Your business is profitable, but it’s been sitting for months on the market with no or low offers. If you’ve built up your business through hard work and personal investment, you want to see it going off to a new owner who will continue to keep the business thriving. You also want to get the best deal out of selling your business too. If you find yourself in this position, take a look at these reasons why you might be having a hard time selling your business right now.
You Were Unprepared
You may have decided on selling your business during a specific time or reason. Be it a personal family matter, time for retirement, or just waiting for the right time in the market. Regardless of a planned or unexpected event that prompts you to sell your business, you need to be prepared with the proper documents and exit strategy. Make sure your business and sales records are all up to date. Having accurate profit information at the ready is imperative. You never know when the right buyer will be coming to you. However, you do know you can’t make the sale without the proper paperwork ready to win them over.
You Aren’t Working With The Right Broker
Not partnering with a business broker or a business broker that’s right for your business can make or break your success in selling. Business brokers are vital to appraising your business, finding committed buyers, and negotiating a mutually beneficial deal. Work with a broker that has experience with your business industry. They are often the best ones to give you a realistic yet high valuation of your business. Experienced brokers will have the best connections to find potential sincere buyers, so you aren’t wasting time pursuing dead-end offers.
Your Asking Price Doesn’t Reflect Your Business Value
You may be having trouble selling your business if your asking price is too high or too low, given your business value. Firstly, determine your accurate small business value. Then, set a price that is approximately 3 to 5 times your profits. While you want to get the best price for your business, an extremely high price given your business’s actual earnings won’t seem like a smart investment to potential buyers. Set too low of a price, you are undercutting yourself. A low price may also give off the impression to buyers that you are desperate to sell, or didn’t care enough about the business in the first place to learn its value.
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.