If you wish to sell your company without going through a broker, pay attention: here are a couple of tips to bear in mind. While there are times when it can be helpful to go through a skilled professional that specializes in selling businesses, however it’s also possible to do things yourself and save on broker’s fees, particularly in the case of a distressed sale where the money made may not even cover all of the liabilities involved, never mind any middleman’s commission!
So herewith without any further ado are two really important pointers to keep in mind. First and foremost, when you find yourself willing to sell your company you want to avoid any delays you can. You may already know this as a businessman or woman, however it does bear repeating, particularly in cases of a distressed sale where emotions may trump logic and, even, common horse sense. It is almost always better to avoid delays rather than, say, wait for the “best” deal.
The far more common cause of delays, however, is being unprepared. Shocking indeed, but a majority of would-be sellers are in reality unprepared, without the necessary paperwork documenting financials, contacts, along with other necessary information to show would-be buyers. When you’re ready to sell your company you want to make certain that you are prepared so as to not lose people’s interest. After all, a professional broker would not bother putting a company on the market until it really is absolutely available for purchase, with all the necessary documentation available for review, so why should you?
However, you don’t necessarily have to disclose everything prior to accepting an offer; just enough for the buyer to make an educated purchase. There needs to be the option to back out, even at the last moment, to reassure the potential buyer. But certainly under no circumstances withhold any negative information – unless you have undeclared income!