What Should You Expect from Your Business Intermediary?
Eventually every business owner needs to sell or think about who will take over their business when they retire. A business broker or M&A advisor can help you to understand what steps to take to achieve optimal results.
Teamwork Makes the Dream Work
First, it is simply critical to understand that selling a business is a team effort. No vendor should begin with the idea that the intermediary will do “all the work.” The reality is that in order to achieve a successful sale, it is necessary for the seller and the intermediary to work closely together.
Prepare for an Extended Process
Selling a business can take time. It is common for the sales process to take between six months to a year, but it can also take even longer than that. Vendors should enter the sales process realising that they will be working closely with their chosen intermediary for a considerable period of time. That means that you’ll need to keep your intermediary well informed regarding any developments with your business over the period.
Be Open to Ideas
Third, remember that your intermediary has invaluable experience and that you hired them to guide you through the process. It is not necessary that you blindly follow all their advice; however, it is essential that you be receptive to all their suggestions.
Your intermediary may have years, if not decades, of proven experience selling businesses just like yours. It only makes sense to take advantage of that experience as much as possible. Your intermediary may have suggestions about what type of buyer you should be targeting or they may even have ideas as to how you can change your business to make it more attractive to prospective buyers.
The time to contact an intermediary about selling your business is now. Getting a business ready to sell takes time, effort and preparation. The sooner you begin working with a business broker or M&A advisor, the sooner you can begin charting a path to eventual success.
Copyright: Business Brokerage Press, Inc.
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