How to Sell Your Small Business Fast

Unfortunately, when unexpected circumstances occur, you might need to sell your small business fast. It could be a divorce and you have to liquidate the company to buy out a partner, or it could be unexpected health concerns that force you to sell. Sadly, unexpected events often need that you sell your company or business fast.

To help you through this challenging period, here are tips on how to sell your business fast.

Prepare all documents ahead of time. When a qualified buyer is found, they will be asking for documents to verify all your numbers. By having these documents ready ahead of time, you will shorten the due diligence process and allow the buyer to make the purchase quicker. Ideally, you will want to have a confidential memorandum done so that all the information about the business is well-organized and a buyer can easily see what is for sale.

Aggressively market the business. Currently, over 90% of buyers are found online and in certain areas, like Florida, more than 90% of buyers are from out-of-state. So having an aggressive marketing plan that includes online marketing as well as leveraging print, social media and other outlets will get your business the greatest exposure and greatest chance to sell fast.

Set the price competitively. The market changes and it is important to get up to date information on what businesses are selling for today. A professional business broker can help you research the comparable businesses that have sold and help you in setting a competitive price so that your business will attract the most buyers.

Offer seller financing. The higher the value of your business, the more important seller financing will become. By holding note, you will attract more buyers.

Be willing to sell. When an offer comes in, decide if you can accept the terms offered quickly. Because you are looking to sell fast, be willing to accept a little less to sell faster. This also means if the buyer requests a set of documents, respond quickly with those requests. Make it easy for the buyer to buy your business.

Keep the sale confidential. This might seem odd since you are trying to sell it you want everyone to find a buyer. Sadly this can back fire on you. Image the seller whose competition, vendors, or employees learn of their sale and react negatively. This could put the business out of business, leaving noting to sell.

Use a professional business broker. As many home owners would not try to sell their own home due to the complexities and legal ramifications, a business owners should not try to sell a business themselves either. An experienced business broker with a high sense of urgency can quickly sort through the unqualified buyer, aggressively market the business and get the deal closed so that you can move on.

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