Sell My Business Fast Guide
Should I Sell My Business Fast?
As small business owners, we put our blood, sweat, and tears into creating thriving, profitable, and strong-performing companies. That is why when people ask how to sell my business fast I first ask them if they have an existing exit strategy.
Creating an exit strategy and laying the foundation gives you time to set a clear, chartable path to future success and helps to make the process seamless. But what do you do if you’re asking how to sell my business fast but you don’t have time to create a formal exit strategy?
Even in the best of economies, small businesses need to sell fast, but 2020 has definitely seen its share of ups and downs. Whatever the reasons, selling your small business fast is going to require some help. It may seem overwhelming at first but following a few key steps will help you through the process.
Determine The Value Of Your Small Business
How do you even begin to determine what your business is worth? It’s important to know the value of your business so you don’t lose money in the process. Do some quick research to find out the market value of similar businesses.
Or, call an expert, a broker or consultant, who specializes in buying businesses to hear what they have to say. There are many out there so do your research and choose wisely. The health of your business is key. If it’s underperforming you need to be ready to sell for less.
How To Sell My Small Business Fast
First, get ready for the barrage of questions. A buyer is going to want answers so be prepared with current data to paint an accurate picture for any potential buyers. Is your business making a profit – are you cash flow positive? What are your current and projected sales? What are your current assets worth? How much debt do you have? How is employee morale? Are customers satisfied?
Being proactive with the answers will make the process seamless. Have a few years of tax returns handy to help answer questions. Prepare a sales packet with FAQs. Create a short video to highlight your business to help sift through as many potential buyers as possible. You want to make your small business as attractive as possible and highlight strengths, but also give them a clear picture of all that you have to offer.
Finding A Buyer To Sell My Business Fast
You know your business better than anyone else … remember that!
Sometimes a buyer is right in front of you. Do you have a business partner or executive team member that can take over for a seamless transition? This option allows you to simply remove yourself from daily operations and the business can continue without you.
What about a family member, a friend, or a fellow colleague? Or, extend the vision a little further and look towards the competition to find a suitable buyer.
Sell to your employees. Create an Employee Stock Ownership Plan which may even allow you to stay involved in the company. Transitioning ownership to the people at the core of the business who are doing the work is often the best solution.
Seeking the help of a professional. This can often be the wisest option especially if you’re still engrossed in running the business until it sells. If you are immersed in daily operations, then a professional or firm focused on selling and buying businesses is a direction to explore.
Sell My Business Fast Tips
Offer incentives to sell quickly like serving as a consultant or trainer after the sale for a smooth transition. Include valued equipment or other assets in the sale. Offer an incentive to colleagues, employees, clients, or anyone that can generate potential leads.
Liquidate assets to create cash flow quickly. This may involve selling merchandise or other valued assets at a discount. It may also involve creating a going out of business type sales event to help create needed funds.
How To Sell My Business Fast?
Selling a business quickly is not always easy. After working so hard and investing your time, money, energy, and soul into your business, the goal is to receive as many offers as possible. In a perfect world, you can choose from a handful of buyers and pick the right person or company to take over the reins of your business.
Unfortunately, as we’ve seen with many things this year, plans don’t always work the way we want them to and that’s okay, and I’d like to help.
My name is Michael Giannulis and one of my missions in life is to help business owners and entrepreneurs scale or sell their businesses. I’d love to learn more about you and your business.
Simply contact me today and I can put together an offer to buy your small business if it makes sense. Worst case I’ll help you better understand what options are available to you.
There’s nothing for sale, I only want to help you with your goal to “sell my business fast“.
