Choosing a business broker to sell your business is similar to choosing a defense lawyer to go to trial. A lawyer can’t guarantee a verdict, but choosing the best one for the job significantly improves your chances of success. Selling a business is difficult, takes time and can be stressful! Choose a competent broker who you can trust to represent your best interests.
It’s generally understood that the process of selling a business should be done under strict confidentiality. I discussed those reason in a previous blog, however, one of the trade-offs is that marketing a business confidentially can greatly increase the time to sell. Business owners should know that selling a business can take 9-18 months, but in some cases, they may not have the luxury of time to allow for the normal process.
The current pandemic, subsequent shut down of our economy, and the expected downturn that may follow have created more uncertainty than the previous recession in 2009 or the system shock after 9/11.
A major factor in selling a business is the role that the owner plays in the operations. In some situations, the owner is synonymous with the business: for instance, the business could be named after them personally or the core function of the business is being executed by the owner. It can be challenging to transfer a business that relies so heavily upon the current owner.