You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a commercial appliances business.
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If your exit strategy involves selling a commercial appliances business these days, sellers need to make a strong case for buyers to purchase at or near the asking price.
Broker vs. No Broker
Anyone who has ever sold a commercial appliances business has eventually needed to decide whether to use a business broker or go it alone. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your commercial appliances business much less painful. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered commercial appliances business sale.
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the commercial appliances business on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Hoping for a quick commercial appliances business sale? You may be disappointed. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. To adequately prepare your business listing, plan on spending six months to a year prior to listing. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
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