Once you make that big decision that “I’m selling my business in San Jose “, you may not know where to begin. Selling a business can be tough, but is much easier if you know what buyers are looking for, and you have expert help. Here’s what you need to know to market your business.
1. Buyers want to see profitability, or at least the potential to be profitable. If your business is currently profitable, selling it will be much easier than if it operates in the red. However, even if your business is not currently profitable, buyers will be more interested if they can see an upward trend. You will need to be prepared to show them a realistic timeline for when your business will turn a profit.
2. Buyers want to see accurate records. Buyers get scared when it looks like tax filings, regulatory filings or books are not kept in order. Start from the beginning keeping accurate records so that you are ready when “selling my business” becomes a priority.
3. Buyers want a stable employee base. If you’ve had a lot of unexplained turnover or you have no experienced employees on board, buyers may be wary of purchasing your business because they fear that there are not adequate experience resources in place to help them in the transition.
4. Buyers want to buy in an industry with growth. The type of business you’re selling is important. Buyers want an industry where they can expect to see growth in the coming years.
5. Buyers want to know what your business in San Jose is really worth. An appraisal and valuation that is recent will help give buyers peace of mind that they are making a solid purchase. It’s a good idea to have a valuation done a few years before you plan on selling, too, so that you can create a plan to help you get on a track that will attract buyers when the time comes.
Work with a brokerage firm that specializes in helping business owners sell their businesses. These professionals not only have a handle on who the buyers are in your industry and location, but they can help you market your business effectively. This expertise can mean the difference between selling your business quickly and having it languish on the market for years before being sold. You’ll be happy you worked with professionals in taking this important step.
