Small business owners often find time comes to move on from a current business venture to retire, try something new or to move out of the ownership role. It is also very possible that the real world experience of being a business owner is not what the person imagined, which leaves them in the position of having to sell a business.
For many Las Vegas business owners, the idea of selling is not just about wanting to get away or try something new. There is a need to be compensated for their work in the company and to have the funds needed to pursue their life’s ambitions moving forward. There may also be a requirement to get the sale completed within a specific time, which can add pressure to the process.
Regardless of why you may want to sell a business in the city, there are three serious mistakes you will want to be careful to avoid.
Not Maintaining Confidentiality
Ideally, a business sale should be private and confidential. This protects the seller’s information and any proprietary information about the business or the processes used.
When there is no business broker involved in the sale, information about the company can become public very quickly. This can potentially impact the sale of the business as well as perhaps cause employees and customers to leave, potentially devaluing the company.
Incorrect Pricing
One of the most important aspects when selling a business is to have it priced correctly for the industry and the market. Pricing too high will delay the sale, while pricing too low will result in the seller seeing a lower than anticipated return on investment.
Only through a valuation by an experienced business broker can a fair market value be determined. This gives the business owner a full picture of what they can expect from the sale based on an actual valuation. This is a much more specific value than a general quote.
Choosing An Inexperienced Business Broker
In any type of sale, working with the best seller’s broker is going to be a priority. This is not the time to look at a professional on commission and fees alone. Instead, consider experience and expertise or the broker in your business area.
An inexperienced broker will not have the networking ability, the real world experience and the connections to prospective buyers that is part of the services offered by a more experienced broker and brokerage firm.