In any economy, there is a right way and a wrong way to sell a business.
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If you're ready to move on, now is the right time to sell your general real estate business.
How to Identify Prospective Buyers
Many sellers don't realize how many prospective buyers there are for their businesses. Although some general real estate business sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Signs You're in Over Your Head
It's not uncommon for the owners of small general real estate businesses to adopt a go-it-alone sale strategy. Plenty of owners sell their general real estate businesses unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. A low-key selling strategy is a low risk activity because you can control who does (and doesn't) know that your business is on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Successful sales walk a fine line between total confidentiality and aggressive promotion. If confidentiality is important to you (and it should be), your best bet is to consult with a professional business broker about maintaining a confidential general real estate business sale.
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