If you have been in business for any length of time, you have certainly earned your right to a healthy dose of skepticism. Most business owners have endured more than their fair share of eye-glazing, brain-numbing sales pitches and vendor-sponsored events. They’ve been pushed to try numerous products, procedures, and systems; many of which have failed to deliver anything but mediocre results. “Too good to be true.” “Heard it before.” “If this works so well, then why doesn’t everyone do it this way?” are a few of the familiar, yet understandable, responses that business owners give when urged to look into alternative selling strategies.
Perhaps it is the ongoing global pandemic and the resulting economic uncertainty, or the fact that Baby Boomers have ripened to over 50 years … . Regardless of the ‘last straw’ cause, today it seems business owners of every age are expressing their absolute desire to start the process of selling their business.
Business owners over 50 are looking to sell their businesses without encountering adverse tax consequences, without having to pay commissions and unnecessary fees, to sell within a reasonable time frame, and receiving the fairest price possible for their business. Perhaps most importantly, sellers of every age fear outliving the proceeds from the sale of their businesses and seek a way they can create a lifetime income which they cannot outlive.
Pre-retiree business owners have been forced to come coming to grips with the consequences of a huge demographic shift, not just in the United States, but in the entire world. For many years, there has been a dwindling supply of qualified business buyers. That lack has been exacerbated by the simple fact that the generations following the Baby Boom are getting smaller and smaller. Unfortunately, the shrinking pool of buyers, coupled with economic uncertainty and tighter credit, has created an untenable situation for sellers.
Within a few years, the number of business owners ages 55-75 who want to sell, or who must sell due to health or other adverse life circumstances, will double. For many of these business owners, the successful sale of the business is the cornerstone of their retirement plan; comprising the bulk of income they expect to receive in their later years. For most pre-retiree entrepreneurs, they have just one shot at selling their companies. A small mistake could cause them to run out of money or have to drastically alter their lifestyles to accommodate a new income.
Whatever your age, situation or economic status, when selling a business it is essential to secure the assistance and guidance of a business broker or business brokerage services who:
1. Has a minimum of 10 years experience in the real business world. An MBA is nice, but ask about actual businesses he or she has bought and/or sold. Theorists and philosophers have zero value when the time comes to actually sell a company. Look for solid, quantifiable experience.
2. Can produce verifiable client testimonials. Any worthwhile broker ought to be able to produce real clients with whom you can speak. If the only thing he or she is willing or able to give you is some vague written testimonial from “Sam S.” (who may or may not be a real person) then you should avoid that consultant.
3. Asks you important questions about your desires and goals for the sale. Part ways with any so-called expert who does not want to hear your wishes, concerns, and ideas.
4. Has the knowledge, tools, and business acumen that are essential to a successful business transition. This is no place for hobbyists or dabblers. Demand someone who specializes in buying and selling successful businesses. Don’t be afraid to ask the question, “How many deals have you personally done?”
5. Knows how to structure the sale proceeds so that you get the desired money from the sale.
There are several other important factors to consider when partnering with a business brokerage service to sell your business. For instance, is it easy for you to tell that this person actually enjoys what they do? Does he or she seem to radiate genuine enthusiasm for helping retiring business owners build a prosperous, successful life after business? Are they truly grateful for the opportunity to work with you? Does this person respect your achievements in building the business and seek to preserve your legacy of success?
Pairing a worn-out, frustrated seller with a business broker who is equally burned out, distracted, or just not that in to helping others, is a recipe for failure. You need a fresh pair of eyes focused on the most important transition of your life; not someone with a cynical, jaundiced view of things.
Any expert or professional services that you hire to help you transition out of your business must be capable of crafting a workable blueprint for selling success that is the direct result of their own experiences and passion for business. They must be able to translate this real life experience into a plan of action that does not frustrate or confuse you. They must also be 100% committed to your vision of success, whatever that vision may be.
Remember, you probably only have one chance to sell your business the right way. It pays to plan, prepare, and partner with experts that you can rely upon until the deal is done … and after.
In addition to having the tools and skills necessary to reach a seller’s goals, Bottom Line Management adds several intangible elements to the mix. The professionals at the Atlanta, Georgia based business brokerage firm of Bottom Line Management, Inc. truly enjoy what they do and are eager and ready to help every business owner to navigate the complex process of selling a business. To learn how you can sell your business for more money, with less stress, and how to maximize business sale profits, contact Bottom Line Management, Inc. online at https://www.botline.com and 470-990-0160.
For over 30 years the expert brokers at Bottom Line Management have assisted people and businesses in the sale of numerous companies by supplying the essential expert brokerage advice and guidance required in the successful, legally sound and swift sale of any type/size business. Check Bottom Line Management out today at https://www.botline.com and 470-990-0160.
To sell your business from a position of strength — Hire professional help and have your business sale result in benefits and profits!