Are you considering selling a business in Phoenix, AZ? If so, it is important to work with an expert to avoid as much risk as possible. Selling a business is a complex transaction that requires a certain amount of know-how to get it done right. Whether you’ve done this before or you are selling a business for the very first time, read on to learn about four important factors you need to know when selling your Phoenix, AZ business.
1. Don’t Overreach Your Commitments
You can’t do it all. Keep this in mind when selling your business. As the founder and operator of your business, it is only natural that you are involved in every aspect of your business. However, trying to run your business and sell it at the same time is a big mistake. Most novice business owners assume they should be involved in the entire selling process while still handling day-to-day operations. This has proved folly for many business owners in the past. Instead, it is smarter to have a sales manager run your business operations while you work on selling your business. In addition, using a business broker to assist in the sale of your business will make the transaction run more smoothly.
2. Keep Money Issues Unemotional
Do you have a price already in mind for the amount you want for your Phoenix, AZ business? This is another mistake business owners make when trying to sell their business. Once they have a price in mind, they rarely want to negotiate anything lower. It’s understood that you have put much energy, time, blood, sweat, and tears into building your business, but letting emotion take over when trying to sell your business could very well lead to not landing a sale. For this reason, it is imperative you hire a business broker to help with the sale. These experts have no emotional attachment to your business and can help make sound, rational decisions when it comes to selling your business in Phoenix, AZ.
3. Don’t Waste Time
Don’t waste time when selling your business. The longer it stays on the market, the harder it will be to sell. When you use a business broker to help sell your business, you can be assured that only serious buyers will be taken into consideration. Time is money and while it takes time to sell a business you don’t want to waste any of your time on buyers who are not serious about actually buying your business.
4. Keep Stockholders in Mind
Never forget about stockholders when selling your business in Phoenix, AZ. They must be included in the business selling process no matter how many shares they own. In fact, you’ll need to get permission from your stockholders to sell your business. The best way to approach this is to get the best price possible for your business, as well as the best terms. This is also where utilizing the expertise of a business broker comes in.
Selling a business is a stressful and oftentimes overwhelming process. If you’ve never done this before, you can expect to be overwhelmed. To avoid taking on all the stress, obtain the invaluable services of a business broker who has a steady and trustworthy track record of selling businesses in the Phoenix, AZ area. An experienced business broker will know how to get the best buyer, the best price for your business, and see the deal all the way to the end.