DIY- Do It Yourself. You are familiar with this phrase. But not on the business selling arena. At times you may want to offer your business for sale without involving a broker. As you know, brokers enjoy commission for just connecting you with a buyer. This is sometimes unfair as they have not invested anything on your business yet they enjoy its profit.
If you are a person sharing this opinion of viewing brokers as unworthy intermediaries, it is essential to consider the DIY option. However, you will come along several myths and pieces of advice on why you need a broker. But you may not have the fees involving a broker. Also, you want to take the whole pie home. If this is you, here is how to sell your business without requiring a broker:
Use website to search for potential buyers
With or without brokers, the reality is that someone somewhere will have an interest in purchasing your business. The challenge is on how you will meet them. With the broad expansion of the internet, it has become easier to connect buyers and sellers. Even though brokers hijack the business for sale advertising sites, you can proceed on to advertise your business on reliable sites. Mainly, if you are in California, bizben.com can be an excellent place to list your business.
Analyzing the potential buyers
Finding buyers is not hard as assessing them either to qualify or reject them. To ensure you get the right purchasers, you need to perform an assessment. Check whether they have the right qualification to run that business. You should request for their financial statements and other credentials. Also, you need to know if they are scammers or people in need of information about your business. To kick such clients out, you need to make them append signature on the non-disclosure agreement. Otherwise, you should not waste your time with people who will not end up closing the deal.
Consider the tax charged
Before offering your business for sale, you need to set an attractive price. In the price-setting process, you must account for the taxes you will be charged and include them on your price. Consulting your accounting firm can be a good way of getting advice on how to come up with the right price for your business.
With this information, you can kick off your business selling process without requiring a broker.
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