|
The process of buying or selling a company is complicated. At BuySelleBiz, we have created a process that we believe maximizes the probability of success.
The first step in the process is conducting what we call market value determination. We collect relevant information, research market place, and then come back to you with a realistic perspective on value.
Once we reach a line of the expectations, we move to client engagement agreement, then ultimately to the four key phases of the selling process.
Phase one is presale planning phase. During that phase we focus on making sure we understand your objectives and exactly what you want accomplished. We will also prepare confidential deal book that tells your company’s story.
From there we move to marketing phase. During marketing our energy is focused on researching and building a broad marketing outreach database and then conducting outreach and managing information exchange process.
Next is the negotiation phase. During negotiation phase our energy is directed towards bringing as many buyers to the table as we can with real qualified solid letters of intent.
From that point we move to closing phase. During closing we are focused on coordinating with your counsel to resolve all open issues in a most effective possible way.
Top Nine Elements of Successful Business Selling Process
Here are the top nine elements of selling your business at top price.
- Have a well drafted non-disclosure agreement and do not share sensitive business information with anyone without having a signed NDA.
- Keep your expectation realistic. With our experience selling number of web based businesses, we provide objective third party assessment of a realistic value range for current marketplace.
- Do not keep important information to yourself. Hidden agenda can create expensive legal issues later in a deal. With our experience structuring many deals, we know how to present information fairly and accurately without negatively affecting your asking price.
- Delegate. Sellers who get the most bang for the buck is who delegates the process to professionals who deal with this process every day.
- Maximize your exposure. Do not work with only few buyers who you think would be good candidate for your business, widen your focus and include more potential interested parties in a mix.
- Be Flexible. Business selling process requires lot of time and patience. Both parties need to understand they need to have a sense of cooperation to make a deal happen.
- Keep the process confidential. Do not share with anyone that you are selling your business until the deal is closed.
- Engage the right advisor who has relevant experience selling internet businesses and who can produce client testimonials.
- Do not wait until you must sell your business. Business selling is a complex process that needs careful planning and execution. Starting early pays off with higher asking price!
Interested in learning more about how much market is willing to pay for your business? Please read our appraisal primer.
|
