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Creating The Most Value For Everyone:Conventional methods are not always going to work, so it is important to work with the right team that is capable of presenting your business for sale in the best possible light, no matter what that may look like.
I need to sell my business ASAP, how do I do that?
On average it takes 220 days to sell a business, or more specifically, that is the average days that a business is listed for sale on the open market. That means that the odds are stacked against you and that you will find it difficult no matter what to sell your business as quickly as you might like. This just makes it all the more important to seek the best professional assistance available as soon as possible. The clock is ticking for many business owners; they are losing money or valuable time each and every month. We are good at our jobs, but if a seller waits too long then there is a point of no return where there is absolutely no chance any potential buyer is going to see value in what is left.
How hard is it to sell a business?
It can be extremely difficult to do. There are a lot of expenses and time that go into the initial listing process alone. From valuation reports to marketing plans, none of it comes without a price. Most people figure that they can just slap something up on Craigslist and the phone will start to ring off the hook. Even if that can generate a few leads, you will soon find that they may not be the most qualified of buyers to put it lightly. Next thing you know, you have people wandering through your business and throwing out low ball and offensive offers while you are trying to work. This can get frustrating pretty quick and can also potentially cause your employees to lose their focus or even to quit. On top of all this, you need to factor in that 90% of people looking to buy a business never complete a transaction, only 20% of listed businesses ever sell, and up to 50% of accepted offers end up falling through. These are just not the most forgiving stats and there is no changing that fact no matter how you approach the problem.
How do I choose a business broker to use, they all seem the same?
The majority of business brokers are Caucasian males and around the age of 60. That is not a stereotype, it is a statistical fact. Inferring anything from this information would be pure conjecture, but as in any industry lacking diversity, there are severe limitations imposed because of it. First impressions are not everything, but you can tell a lot about a company from how much care resonates through everything that they touch, especially their online presence. Accreditation’s are another great way to verify legitimacy, as well as customer testimonials. Most importantly, schedule a meeting in order to actually see the person that you are considering dealing with face to face. If a business broker has a hard time picking up the phone to call you back in a timely fashion, just imagine how they are going to treat your potential buyers. Apply the same logic when scheduling an appointment with them, because if it is not worth their time to meet with you then it is best to find someone that is going to actually appreciate the opportunity to earn your business. During the initial meeting, keep an open mind and listen to everything the broker has to say, but make sure that you have prepared a few pertinent questions to ask. Everyone ultimately uses their own unique way to make their finals decision, but instincts alone should give you a good idea about who you are considering working with.
Should I start by posting my business for sale on a free website?
I would like to honestly say that it cant hurt, as it would be great if you could save yourself a some money in the process. But this unfortunately is just not the case. There have been many times that we end up acquiring listings simply because the owner had no luck attempting to sell the business themselves regardless of how many different places they posted it. At that point, you run the risk of potential buyers noticing price adjustments or other alterations that can turn them off. When dealing with marketing at Equation Capital Group we work hard to make sure that there is a consistent message being delivered across every single platform that we use. Not only do we want to provide buyers with a clear picture of the business, but we want to reinforce our efforts by displaying a broad reaching and consistent image as often as possible. Something as seemingly inconsequential as the verbiage used in different site descriptions can have a huge effect on your closing and conversion ratios.
What special skills do you have that make you so much better equipped to sell my business?
Our company takes a little different approach then most other business brokers operating within the state of Michigan. We are constantly looking to improve everything that we do, and we apply strict discipline in order to ensure that this is being accomplished in every last facet of our business model. All of our data is tracked, the information then stored electronically, and analyzed using algorithms or other similar software so that useful insights can thus be gained. The amount of data available in today’s day and age is overwhelming, but its power and importance can not be argued. Being aware of this alone has a huge impact on what we do but because we are dedicated to applying these results no matter what it takes, we are able to achieve things that other business brokers do not even consider possible. From demographic analysis and psychological buyer profiles to supply chain analysis and SEO digital marketing techniques, we can honestly say that you would be hard pressed to find anyone else in this industry capable of doing what we can do for you.